eToroX, the blockchain subsidiary of global investment platform eToro, has added more fiat-backed stablecoins, gold commodity-backed stablecoin pairing, and a new crypto-asset to its wallet and trading platform.
The new assets announced by the company are Dash, a peer-to-peer digital currency; fiat-backed stablecoins TRYX (Turkish Lira), PLNX (Polish Zloty), ZARX (South African Rand), HKDX (Hong Kong Dollar), SGDX (Singapore Dollar), Circle’s USDC and Tether’s USDT (US Dollar); and Bitcoin to GOLDX commodities-backed stablecoin pairing.
eToroX was launched six months ago and now supports 96 tradable assets, delivering on the company’s commitment to support the needs of algorithmic traders, seeking to diversify their cryptoasset portfolios on a secure and regulated platform.
eToroX was formed in 2018 to provide the infrastructure to support eToro Group’s commitment to facilitating the evolution of tokenized assets. It provides eToro’s wallet and runs the exchange.
“Stablecoins” unite the security and agility of cryptocurrency with the stability of commodities and fiat currencies. Fiat-backed stablecoins are directly convertible to physical currency with a 1:1 conversion ratio based on current forex rates. In emerging markets where cash is still king, fiat-backed stablecoins allow traders to swiftly convert their assets from cryptocurrencies like Bitcoin and Etherium to more widely accessible liquid assets.
eToroX is set to add more fiat-backed cryptocurrencies including US dollar-backed stablecoin USDC and USDT in the coming months, as part of its efforts to enable the users of the platform to diversify their crypto wallets and have more flexibility in trading.
“We see the addition of USDC and USDT as a way for eToroX to further meet the needs of professional and institutional algo traders, particularly in the Asian markets,” said Doron Rosenblum, managing director, eToroX. “Adding five new stablecoins, plus the addition of the Dash cryptoasset, demonstrates our ongoing commitment to bridge the gap between the world of blockchain and traditional financial markets,”
Currently, eToroX supports silver and gold commodities-backed cryptoassets. These stablecoins are tied to real-world values for these precious metals. Similar to fiat-backed stablecoins, SilverX and GoldX are less prone to erratic changes in value.
With the addition of Bitcoin to GoldX pairing, users have an another option for trading within the eToroX platform. Traditional financial institutions view Gold as a safe haven asset, and bitcoin is increasingly being referred to as “digital gold,” sharing the characteristic of having a finite supply that can be mined, which further stabilizes their intrinsic, and perceived values.
“Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination,” said Rosenblum.