The blockchain division of the global social trading platform eToro is in the latest cryptocurrency news for launching a cryptocurrency exchange for pro traders. According to an official press release on April 16, eToro is taking a big leap forward in the crypto market.
Named eToroX, the new exchange launched by the eToro blockchain division claims to be a secure and regulated trading venue. Currently, there are 37 trading pairs and pro traders can convert six cryptocurrencies to fiat – including US dollars, Euros and Swiss francs.
Leading the coming altcoin news section, eToro also decided to allow users to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), Bitcoin Cash (BCH) and Litecoin (LTC). As the managing director of eToroX named Doron Rosenblum stated, more pairs will be launched in the coming months.
— eToroX (@eTorox) April 16, 2019
More importantly, the eToro blockchain division eToroX has launched eight stablecoins that are backed by the New Zealand dollar (NZDX), Japanese yen (JPYX), Swiss franc (CHFX), United States dollar (USDEX), euro (EURX), UK pound sterling (GBPX), Australian dollar (AUDX), and Canadian dollar (CADX). All of them will be issued and controlled by eToroX.
The CEO of eToro, Yoni Assia, also said that the platform is ready to bring the crypto world to a larger pool of investors, stating:
“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.”
The eToro blockchain division will be led by professionals. According to Assia, the financial services will be transferred to blockchain since the tech brings a new paradigm for asset ownership. He believes that right now, traditional asset classes need to be explored and act as a property that needs to be tokenized.
From an altcoin news perspective, it is also important to mention that in March this year, eToro officially launched the platform and crypto asset wallet – when it also announced that it has acquired the smart contracts development company Firmo so that it can explore and add more tokenized assets.
A lot of best cryptocurrency news sites have reported the new eToro blockchain division, noting that it is definitely something that the market needed right now.
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“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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