What has eToro launched:
So eToroX has announced a few things. First up a crypto exchange where you can trade a number of crypto assets. It’s much like other exchanges where you deposit crypto and use it to trade and exchange into other coins and tokens.
What’s most exciting to me is that eToro has also launched a number of stable coins. These tokens represent an underlying asset and let you trade and store that asset on the blockchain.
Here are the Stablecoins that have been announced:
- NZDX – New Zealand Dollar stablecoin
- JPYX – Japanese Yen stablecoin
- CHFX – Swiss Franc stablecoin
- USDEX – U.S dollar stablecoin
- EURX – Euro stablecoin
- GBPX – British Pound stablecoin
- AUDX – Australian Dollar stablecoin
- CADX – Canadian Dollar stablecoin
They are also launching:
- GOLDX – A gold backed stablecoin
- SLVRX – A silver backed stablecoin
These two commodities are shown in marketing material but I wasn’t able to trade them yet.
This means you’ll be able to trade crypto assets using a stablecoin in multiple currencies. While there currently are many stablecoins backed by the U.S dollar, the world needs access to stablecoins in other currencies.
Through the exchange you can trade Bitcoin and other cryptos (including Ethereum and Litecoin) for stablecoins and buy stablecoins directly with a cryptocurrency of your choice.
Last year, eToro launched a crypto wallet. I’m not sure at this stage whether you’ll be able to transfer coins from the wallet to the exchange – although I’m sure this will be a feature (if not already) in the near future.
Why is this a big deal?
eToroX is a regulated exchange crypto exchange. There are a lot of exchanges out there, but not many you can trust. eToro is a trusted company that has been in the financial industry since 2007. And since then they have grown into one of the worlds largest trading platforms with over 10 million registered users.
Personally i’m most excited by the new stablecoins. The hardest thing about cryptocurrency is getting money in and out of fiat currency. Stablecoins make it easy to hold dollars (or another currency) as a token. This makes it so much easier for traders and exchanges. It essentially allows you to be your own bank and hold your assets yourself.
It’s good to see eToro continuing to develop and support cryptocurrency. This is their biggest move yet – actually launching a number of stablecoins. This could be huge for cryptocurrency and I’m sure will be the future of eToro too.
Using the Exchange
You can sign up to the exchange right away. The best way to do it is with an eToro account. It’s free to create an eToro account and you can then link your accounts.
Once you’ve got an exchange account you simply deposit a cryptocurrency of your choice and you can start trading. If you’re looking to trade or invest in cryptocurrency using fiat, you can still do that on eToro. eToro is the broker with forex, stocks, commodities and cryptos and eToroX is the crypto exchange which is powered by cryptocurrency.