eToroX Crypto Exchange launched with Unique Stablecoins

eToroX recently announced the launch of their secure and regulated crypto exchange. The exchange is managed by eToroX, a subsidiary of eToro Group.

Digital Exchanges around the world are trying hard to bring stability to the crypto market by listing stablecoins. In November 2018, Liquid cryptocurrency exchange platform listed GUSD and USDC on their platform. In the same month, CobinHood cryptocurrency exchange platform also listed four stablecoins. The four stablecoins include the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD).

Last month, Coinsquare announced that they will be launching its first stablecoin called eCAD. The newly introduced stablecoin is Canada’s first stablecoin and each eCAD is pegged to the Canadian dollar.

Cryptocurrencies such as Bitcoin, Ethereum and other Altcoins can extremely volatile. Some of them moving up and down by around a factor of 20 to 30 percent within a couple of hours. It is believed that stablecoins can help bring much-needed stability and predictability into crypto markets though this hypothesis remains to be tested to be true. Stablecoins are generally pegged against fiat currency like USD, EUR, CNY or JPY and sometimes against gold or oil.

Executive Opinion

Managing Director of eToroX, Doron Rosenblum, said: "We are proud to be one of the first companies in the world to obtain a license for cryptoassets, and one of only a handful of regulated exchanges in the crypto space. In the coming weeks and months we will add more cryptoassets, stablecoins and tokens to the exchange and will work with other exchanges to encourage them to list our growing range of stablecoins."

Co-founder and CEO of eToro, Yoni Assia, said: "Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually 'eat' traditional financial services through tokenization."

eToroX Exchange supported Cryptos

In the announcement, eToroX said they will support 8 fiat-stablecoins such as eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX),  eToro Swiss Franc (CHFX), eToro United States Dollar (USDEX), eToro Euro (EURX), eToro Pound Sterling (GBPX, eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX).

In addition, the exchange will support Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), BitcoinCash (BCH) and Litecoin (LTC). There will be 37 training pairs listed on eToroX including BTC-USD, XRP-GBP. List of all trading pairs is available here.

eToroX is one of the first companies to be certified as a regulated Distributed Ledger Technology (DLT) provided by the Gibraltar Financial Services Commission (GFSC), announcement emphasized.