The blockchain division of the social trading platform eToro has just launched a crypto exchange for professional investors.
The new platform, named eToroX, claims to be a secure and fully regulated trading platform. The exchange currently offers 37 trading pairs and allows the conversion of 6 cryptocurrencies into fiat money.
At the moment, the new platform allows its users to trade with Bitcoin, Ethereum, XRP, Dash, Bitcoin Cash and Litecoin. However, it plans to add additional trading pairs in the future.
8 stablecoins have also been released together with the platform. They are backed by the following fiat currencies: New Zealand dollar, Japanese yen, Swiss franc, U.S. dollar, euro, British pound, Australian dollar and Canadian dollar.
Yoni Assia, the company co-founder and CEO, said that "the goal of this new platform is to make crypto assets available to more investors."
Why it is important
- The trading platform has announced that apart from its new exchange for professional investors, it will also release 8 stablecoins. These type of cryptos, which are pegged to physical assets such as gold or fiat currencies, are gaining popularity. For example, Facebook announced earlier this month it planned to raise around $1B to develop its own stablecoin. And also this month, Coinsquare, one of the largest crypto exchanges in Canada, revealed it plans to launch a stablecoin linked to the Canadian dollar.
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