eToro has acquired Firmo at an undisclosed fee. The company has a goal of staying ahead of other fintech companies through expansionary strategies and the management sees a lot of opportunities in Blockchain and Cryptocurrencies.
Firmo is a leading smart contract infrastructure provider and the move is aimed at enabling eToro to have smart contract features to enable investors to save, invest, and trade Cryptocurrencies in a state-of-the-art platform.
The Firmo team will from now on be required to create an infrastructure for tokenizing all assets on eToro. To achieve this mission, the experts from Firmo will conduct extensive research to develop a Blockchain-based solution for executing Token transactions.
eToro Is A Social Trading Network
eToro is one of the leading social trading platforms that allows users to trade in a number of assets such as Digital Tokens and stocks by offering an interactive network. One can easily copy the strategies of an experienced trader to leverage the platform’s solution and earn a positive return.
The company that is also a multi-asset brokerage firm has offices in the UK, Israel, and Cyprus.
Additionally, the platform has its own native Token, eToroX, that is designed to define and execute eToro’s vision of delving into Cryptocurrencies services.
Further, eToro has its own wallet and a dedicated Crypto exchange that has advanced trading tools and charts for real-time trading.
In December 2018, the Gibraltar Financial Services Commission (GFSC) issued the company a license for Distributed Ledger Technology (DLT).
eToro Is Positioning Itself For The “Future Of Finance”
According to co-founder and CEO of eToro, Yoni Assia, the “future of finance” is in Blockchain and the Token economy. The CEO is confident that all investable assets will be tokenized at one point and wealth will be transferred to Blockchain platforms in the future at a scale never fathomed before. This is why eToro is planning to accelerate the growth of its tokenized assets offering by developing competitive DLT infrastructure.
Firmo is a Denmark-based startup that was founded in 2017. Its mission is to offer a solution for securely deploying financial contracts that can be supported on any Blockchain infrastructure. Using Firmo compiler, the company has created a unique domain-specific and verified contract language known as FirmoLang that can be translated on various DLT networks including NEO, EOS, and Ethereum.
The CEO and Founder of Firmo, Omri Ross, who is also a University of Copenhagen assistant professor says that the advent of Cryptos triggered financial innovation. However, the mass adoption of Cryptos has been difficult to achieve because of a myriad of challenges. Therefore, Firmo is doing its part by building infrastructure that allows users to trade in Tokens on a real-time basis.
eToro Is Expanding
In coincidence to acquiring Firmo, eToro is also rapidly expanding on the front of listing Cryptos as it recently listed Tron’s TRX as the 15th Coin. Other Cryptos supported by Tron include; ZCash, BNB, IOTA, Cardano, EOS, NEO, Stellar, Dash, Ethereum Classic, Litecoin, Ripple, Bitcoin cash, Ethereum, and Bitcoin.