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eToro Cryptocurrency Subsidiary eToroX Launches Website

Etoro is a popular trading platform that allows its users to trade stocks, ETFs, currency markets and other products. The platform also supports the trading 14 different cryptocurrencies, although this functionality is mostly limited to price speculation as only certain users can actually withdraw cryptocurrency from the platform. For now, withdrawing cryptocurrency from eToro to the eToro Wallet is only available to eToro members with Gold status or higher.

The company has, however, been working on a dedicated cryptocurrency exchange called eToroX, which is currently in private beta testing mode. The exchange is incorporated in Gibraltar, and has obtained a distributed ledger technology (DLT) licence from the country’s financial services commission.

The eToroX website was launched today and lists six different supported cryptocurrencies: BTC, ETH, XRP, LTC, BCH and DASH. The website also lists USDX, EURX, GBPX and JPYX, which appear to be stablecoins pegged to their respective currencies.

Interestingly, the website shows an ETH/GOLDX pair, which seems to suggest that users will be able to trade Ethereum against a stablecoin pegged to the price of gold. The section displaying information about supported cryptocurrencies and pairs is quite vague at the moment, so it’s possible that the provided list of assets and trading pairs could change.

The website also says eToroX will support the tokenization of a wide variety of assets through “eTokens”, although details about the program are scarce at the moment.

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Written by Ravi

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