eToro, a well-known fintech platform for social trading and asset brokerage, should definitely be placed in the ranks of overachievers, judging from this company’s teeming activities during the last few months. Apparently, this international provider of financial services operates by the principle that every major crisis always presents an opportunity to strive. Seems that lately, eToro has been seizing the opportunities to the fullest extent, broadening their range of operations, acquiring blockchain startup, and devising plans to launch a native stablecoin.
A few days ago, eToro published a press release where they informed about the concluded acquisition of the Copenhagen-based blockchain startup Firmo which is engaged in developing a trademark protocol and the domain-specific language for smart contracts called FirmoLang, which is fully compatible with the Ethereum Virtual Machine (EVM) bytecode.
Basically, Firmo creates the way for cryptocurrency exchanges and peer-to-peer lending platforms to offer such financial instruments as derivatives, shorting, and hedging through a seamless execution of financial contracts on various blockchains, such as EOS, NEO and, of course, Ethereum.
As a result of the acquisition, Firmo will transform from a separate entity into a department for innovation at eToro. The range of its future responsibilities will include research and development of state-of-the-art infrastructure that will facilitate the tokenization of digital and physical assets and streamline trading operations on blockchain.
Yoni Assia, the co-founder and CEO at eToro, expressed his sincere excitement with regard to the successful acquisition and assured that it will expedite the transition of the traditional items of wealth into their digital forms, namely crypto tokens. However, Mr. Assia chose not to divulge the amount that eToro had to pay to acquire Firmo.
It seems that declaring the intention to launch a stablecoin has become a matter of courtesy for a lot of major financial institutions - a reference to JPMorgan Stanley and Citi Group - and eToro decided to jump on the bandwagon.
When appearing before the fintech enthusiasts at the last year’s Finance Magnates Summit in London, Yoni Assia stated that eToro will issue a native stablecoin over the course of the year 2019. However, he refrained from providing any insights on the specifics of this launch like the expected timeframes and the currency to which the coin would be pegged.
Obviously, the eToro stablecoin would be designed as an inherent component of the rapidly growing ecosystem based around social trading and investment services. eToro has been immensely successful in promoting their services and expanding to the new markets. For instance, last year, the company entered into a partnership agreement with as much as seven football clubs from the English Premier League - some of which, like Tottenham Hotspur and Newcastle United, have a large fan base beyond the UK - in an effort to raise awareness among football fans about the role of cryptocurrencies.
But most importantly, eToro managed to break the American market which has traditionally been very cautious towards foreign fintech projects which deal with cryptocurrencies. However, thanks to the industriousness of its management team, eToro acquired the legal permit to operate in as much as 30 states.
It is evident that what eToro needs now is a linchpin that would become a lifeblood for this expanded network. An introduction of a native coin would be an obvious solution for this company, and it as well may take it to the new level.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||64%||72||$61 042.69||0.62%||0.36%||$1 150 794 336 311|
|2||ETH||Ethereum predictions||71.6%||55||$4 117.18||3.66%||7.58%||$486 030 676 596|
|3||BNB||Binance Coin predictions||73.2%||57||$483.09||1.03%||3.50%||$80 579 954 221|
|4||ADA||Cardano predictions||91.2%||14||$2.16||0.08%||-1.18%||$71 002 197 011|
|5||USDT||Tether predictions||95.2%||1||$1.000381||0.04%||0.03%||$69 600 606 049|
|6||SOL||Solana predictions||70.4%||52||$196.57||-0.49%||24.39%||$59 131 401 979|
|7||XRP||XRP predictions||76%||49||$1.088980||0%||-4.47%||$51 123 615 596|
|8||DOT||Polkadot predictions||60.4%||77||$43.78||0.35%||4.61%||$43 239 027 943|
|9||DOGE||Dogecoin predictions||72%||56||$0.248946||1.22%||4.69%||$32 814 608 422|
|10||USDC||USD Coin predictions||92.4%||1||$1.000560||0.03%||0.06%||$32 561 971 437|
|11||LUNA||Terra predictions||70.4%||62||$42.85||-2.61%||17.12%||$17 200 813 172|
|12||UNI||UniSwap predictions||77.2%||42||$26.67||4.27%||-0.87%||$16 312 283 765|
|13||AVAX||Avalanche predictions||68%||61||$65.25||0.30%||13.12%||$14 373 086 792|
|14||LINK||Chainlink predictions||77.6%||48||$30.88||7.84%||13.15%||$14 233 972 483|
|15||WBTC||Wrapped Bitcoin predictions||64.8%||71||$61 137.09||0.71%||0.47%||$13 559 759 340|
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