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eToro signals tokenized future with acquisition of smart contract infrastructure provider Firmo - Global Coin Report
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eToro signals tokenized future with acquisition of smart contract infrastructure provider Firmo

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– Acquisition brings eToro one step closer to becoming the first truly global service provider allowing people to trade, invest and save –

Global multi-asset investment platform eToro has today announced that it has acquired Firmo, for an undisclosed amount. Firmo enables smart contracts for derivatives to be securely enabled on any major blockchain.

Commenting on the news Yoni Assia, Co-founder and CEO of eToro, said: “The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering.  Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”

eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. While this core vision remains the same, new technology namely blockchain, means that the eToro business has, and will continue to, evolve.

Yoni Assia continued: “While our expansion has been largely organic to date, as the eToro business continues to grow we are on the lookout to acquire businesses which will help us stay at the forefront of fintech innovation. We believe that the market is particularly exciting at the moment.”

The Firmo team will act as an internal innovation unit tasked with bringing to life the goal of tokenizing all assets on eToro. This will involve research and development of infrastructure for the representation of assets and the execution of trade processes on blockchain infrastructure.

Dr. Omri Ross, CEO and Founder of Firmo, said: “The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation, however, a number of challenges are preventing mass adoption and integration into legacy infrastructure.  Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain.”

Firmo’s underlying technology provides a platform to securely deploy financial contracts and can work with any blockchain. They have developed a formally verified, domain-specific contract language ‘FirmoLang’ which, with the support of Firmo’s compiler can be translated onto a number of blockchain platforms such as Ethereum, EOS or NEO.

Yoni Assia said: “The Firmo team has done ground-breaking work in developing practical applications for blockchain technology which will facilitate friction-less global trading. The adoption of smart contracts on the blockchain increases trust and transparency in financial services. We are incredibly proud and excited that they will be joining the eToro family. We believe that together we have a very bright future and look forward to pursuing our shared goal to become the first truly global service provider allowing people to trade, invest and save.”

About eToro

eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro Group consists of the eToro platform, our multi-asset trading and investment venue, and eToroX, which manages our crypto wallet and forthcoming exchange.

The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.

As technology has evolved, so has our business. In 2018, we created eToroX, our digital asset subsidiary. eToroX provides the infrastructure, in the form of a crypto wallet and the forthcoming exchange, that supports our commitment to facilitating the evolution of tokenized assets. We believe that leveraging blockchain technology will enable us to become the first truly global service provider allowing everyone to trade, invest and save.

Disclaimer:

eToro is regulated in Europe by the Cyprus Securities and Exchange Commission and regulated by the Financial Conduct Authority in the UK.

eToroX is incorporated in Gibraltar with company number 116348 and its registered office is at 57/63 Line Wall Road, Gibraltar. It’s distributed ledger technology (DLT) provider licence was granted by the Gibraltar Financial Services Commission in December 2018 (licence number FSC1333B).

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any regulatory framework. Your capital is at risk.

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Basic Income Earth Network welcomes GoodDollar into community as first blockchain-based project at UBI-Nordic

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GoodDollar reached a key milestone in early April by becoming the first blockchain-based project to present at an international Basic Income Earth Network(BIEN) event. The general reaction at UBI-Nordic 2019, held in Oslo between April 5 and 7 and hosted by BIEN Norway, was encouraging, according to Dr. Sarath Davala, Vice Chairman of BIEN.

“I believe it was the first time anyone from outside our regular basic income community made a presentation about blockchain and universal basic income (UBI),” he said of GoodDollar’s appearance at the three-day summit, a key event in the UBI calendar.

Strong starting point: Dr. Sarath Davala, Vice President of BIEN, said that GoodDollar’s presentation at UBI-Nordic was encouraging

BIEN was established in London in 1986 by Belgian political economist Philippe Van Parijs, and for over three decades its group of progressive-minded academics has promoted the idea of UBI.

That GoodDollar was invited to speak at UBI-Nordic and introduce itself to the basic income community, was a landmark moment for the not-for-profit research hub, which explores how decentralized cryptocurrencies and blockchain technology may enable models based on UBI.

Like most members and affiliate projects within the basic income community, GoodDollar’s driving aim is to reduce wealth inequality – yet using a global-first approach. Dr Davala, the coordinator for India Network for…

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eToroX launches crypto exchange including suite of unique stablecoins

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– Secure, regulated exchange to help traders access tokenized assets –

eToroX, the blockchain division of global investment company eToro, has today announced the launch of its crypto exchange – a secure and regulated trading venue offering a range of cryptoassets as well as a suite of stablecoins.

Commenting on the news, Yoni Assia, Co-founder and CEO of eToro, said: “Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. 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.”

At launch the exchange will have a range of instruments including:

  • 8 fiat-stablecoins (eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX),  eToro Swiss Franc (CHFX), eToro United States Dollar (USDEX), eToro Euro (EURX), eToro Pound Sterling (GBPX, eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX)
  • 6 cryptos (Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), BitcoinCash (BCH) and Litecoin (LTC)
  • 37 pairs including BTC-USD, XRP-GBP etc.

The launch of the exchange is a natural next step in eToro’s blockchain journey which began with the work…

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Renewable energy offers a bright future for investors

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As humanity continues to evolve and technology along with it, there is one constant that cannot seem to be outrun: the dependence on energy. From the earliest days of cavemen discovering fire to today’s extensive power grids, energy has always been the lifeblood of human advancement. However, in recent decades, the downsides of producing these large amounts of energy have become apparent. From finite resources like fossil fuels, through the pollution brought upon by coal burning, to the dangers of nuclear energy – the world is in dire need of clean, sustainable energy in order to keep going.

Polluted skies and bodies of water, continued depletion of natural resources, and an ongoing increase in non-renewable energy consumption have brought the human race to the edge of catastrophe. However, there are numerous entities fighting these phenomena by creating new means of sustainable energy production and deploying significant infrastructure to support it. The world has run on non-renewable energy for too long, and a growing number of companies and governments are realising that clean energy must be more widely adopted.

The sustainable energy industry has the potential to completely revolutionise the global energy sector – and carries an exciting investment opportunity, as the renewable energy market is expected to reach a massive $2.1 trillion by 2025¹. It is no wonder, then, that both veteran energy corporations and innovative new companies are…

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