The Israeli forex broker and social trading platform developer eToro announced the launch of a blockchain wallet, which will enable clients to hold and exchange multiple cryptocurrency assets in the same wallet.
The project, run by eToro and its own cryptocurrency ecosystem project ColoredCoins, which provides the technology, will enable eToro users to buy different digital assets and register them on the blockchain via ColoredCoins.
The main reason for the new service is the growing interest in cryptocurrencies. According to eToro’s estimates, the total market cap of all cryptocurrencies has reached nearly $100 billion.
“Blockchain is the biggest innovation in financial services since the introduction of computers into finance, and has the potential to disrupt how all financial services companies will work in the next 20 years”, Yoni Assia, Co-founder and CEO of eToro, said. “We want to make it easy for people to own, manage and exchange assets on blockchain, that’s what the Blockchain Wallet is all about.”
In addition to the blockchain wallet, eToro offers to its clients trading in bitcoin and ethereum via CFDs or copy the trading strategies of experts.
ColoredCoins was established by eToro in 2014. It is an open source community dedicated to build a universal framework for digital currencies on top of a Blockchain. The Colored Coins protocol and implementation are built on top of the bitcoin blockchain and provide an easy way for issuers to issue digital currencies on the platform.
eToro was launched in 2008 and offers a social platform for investors to communicate, share strategies and trade in forex, CFDs, commodities, indices, stocks and exchange-traded funds (ETFs). It has more than 5 million registered users from 170 countries across the world.
eToro has licenses by UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and Belize’s IFSC.