eToro is About to Launch Stablecoin Versions of Major Currencies!

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eToro is a Cyprus-based social trading and multi-asset brokerage company. Recently they announced plans of implementing eight stablecoin versions of other major currencies. Currencies such as the Euro, Yen, and Swiss francs within their platform. They believe that users are in need of this feature.

eToro Launching a Crypto Exchange

eToroX is the new crypto-to-crypto service/exchange that eToro is about to launch, and implementing eight stablecoins is just an introduction of an ambitious plan to offer tokenized versions of other assets. These assets might also include precious metals and fine art.

If you need to refresh your memory on what is a stablecoin – read our explanatory article!

The major problem with stablecoins is that many skeptics believe that usually, companies haven’t got the reserve of fiat to fully back the stablecoins on a one-to-one basis. However, eToro claims that their company is backing the stablecoins with futures contracts.

Concerns of the Public Demand

Arieh Levi, a senior analyst at CB Insights believes that the users will stick to their platforms which they already use:

“It’s a pretty saturated market in terms of crypto trading. I’m not sure there will be too much demand as the existing players will likely stick to the platforms they already use.”

Yoni Assia, the CEO of eToro. Image source: flickr.com

However, eToro CEO Yoni Assia stresses that he believes that there will be demand for these type of assets. He says that many traders would want to “bet on the price movement of Bitcoin against currencies like the Canadian and Australian dollar.”

The main concern is that eToro will have to compete with such industry giants as Binance and Coinbase Pro.

Pushing Into the U.S. Market

The launch of eToroX exchange is a part of getting into the U.S. market. Recently eToro began offering a few of the most popular cryptocurrencies like Bitcoin, Ethereum, Ripple and etc.. This was done specifically for the U.S. market. Now, eToro claims that around four or five percent of new registrations come exactly from the U.S. They are pleased with these numbers and believe that they are doing the right thing.

While many think that the bear market is over for quite some time, for the average millennial trader, it might not seem that way. However, along with the bull market, new traders will be coming in and the need for a wider range of platforms will be in demand. From that point on, we believe that it’s only a matter of marketing for eToro.

Source:

http://fortune.com/2019/04/16/etoro-exchange/

Photo by flickr.com

Viber messenger will launch their own cryptocurrency next year

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Viber is a mobile service, allowing you to make calls as well as send texts, photo, and video messages to other Viber users free of charge. The application is operated by a multinational company called Rakuten and it has plans to implement their parent company’s cryptocurrency Rakuten coin. The Japanese conglomerate is looking into studying the recent legal developments regards cryptocurrencies in Russia. Viber expects to launch this in 2019. 

Viber CEO Djamel Agaoua commented on the news:

“The messenger app will act as a key player in Rakuten’s goal of establishing its own cryptocurrency” further explaining that “Our mother company is creating Rakuten Coin: cryptocurrency, which is supported by the entire Rakuten ecosystem. This Rakuten Coin will be tradeable in Viber. The cryptocurrency will appear in the Viber wallet and it can be exchanged for rubles, dollars, and euros. Company’s specialists are currently studying Russian laws in the cryptocurrency sphere. Very soon you’ll be able to send some Rakuten Coins and to trade Rakuten Coins against rubles, dollars, and euros.”

Viber has a monthly active audience of about 45 million users in Russia. Despite their popularity in Russia, Viber is far from noteworthy in the west. It has 15 percent penetration in the United States and 22 percent in Western Europe. In Central and Eastern Europe, however, the figure grows to 73 percent penetration, and 76 percent in Russia.

Good luck to Viber as they are implementing cryptocurrencies on an already active and working service.

Source:

https://goo.gl/p2fRgU
https://goo.gl/Kd4VhE
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Binance to offer Fiat-Crypto trading

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One of the worlds leading crypto exchanges, Binance, just announced their plans of allowing fiat-crypto trading. Clarifying that Binance itself stays a crypto-to-crypto exchange, adding that crypto-fiat trading will be only available though a separate local exchange the company is opening in Malta. Announcements of opening such an office came already at the end of March, when Binance received a warning letter from the Japanese financial authorities about its unregistered status. 

In an exclusive interview with the Binance CEO Changpeng Zhao, he told that they have already opened a bank account in Malta and that they have plans of offering similar exchanges in Uganda and Asia in the future as well. In a recent tweet to the Prime minister of Malta, Joseph Muscat, Changpeng Zhao shared his thoughts on Malta: “Malta is very progressive when it comes to crypto and fintech. We think it is a good place for other crypto businesses to look into as well”.

Binance will most likely start crypto-fiat trading with a Euro-BTC pair. Binance is the second largest cryptocurrency exchange by now, seeing $1.5 billion in trades by 24-hour trading volume. 

Source:

https://goo.gl/dqZAah
https://goo.gl/WPMrZC
https://goo.gl/6DaiGW