eToroX, the cryptocurrency and blockchain division of global investment platform, eToro announced via a press release on Wednesday, Dec 19 that they have secured an operating license from the Gibraltar Financial Services Commission (GFSC).
The new regulatory approval means that eToro is now clear to develop a new cryptocurrency exchange service, offer trading of tokenized assets and easily provide their crypto wallets to new users as well as over 10 million clients using their investment platform.
eToro acknowledged that they have complied with the nine regulatory principles stipulated by the GFSC for blockchain and crypto-related businesses. One of these include putting systems in place to check for anti-money laundering and ensuring that financial and non- financial resources are properly maintained.
eToroX has now joined crypto exchange Huobi, Gibraltar Blockchain Exchange (GBX), CFE Limited, and Covesting International Limited as DLT licensed companies in Gibraltar.
eToro To Bridge The Gap Between Old and New Asset Class
Given eToro’s dominance with traditional assets like stocks and shares, it comes as a little surprise that the company had underpinned the potential of cryptocurrencies as an asset class and wants to explore the space.
According to the release, the motive Behind eToroX is to make it easier for people to invest in cryptocurrencies just in the same way they do with stocks and shares.
The company is now the only regulated brokerage service where investors can deposit fiat and then trade or invest in crypto assets alongside more traditional assets such as stocks or commodities.
Yoni Assia, Co-founder and CEO of eToro, said in the release,
We believe that crypto assets and the blockchain technology that underpins them will revolutionize global finance, bringing about the greatest transfer of wealth ever onto the blockchain.
eToro has also been at the forefront in uniting cryptocurrencies with global football and have an ongoing promotional campaign that rewards users for snapping their billboards during Premier League matches.