eToro braces for the ‘stable coin battle’ with launch of new coins
eToroX’s multi-asset platform added two commodity stable coins, eToro Gold (GOLDX) and eToro Silver (SLVX), to their regulated crypto exchange platform last week.
The social trading broker launched the first ever stable coins backed by China and Russia, amongst other various new coins, expanding their fiat stable coin range to 10.
According to eToro’s managing director UK Iqbal V. Gandham, “ We’re going to see the battle of the stable coins,” he said on the back of the company’s recent launch.
How will a US stable coin from one company, for example, differentiate itself from another company’s US stable coin?
Usability of the coin, the exchange on which it appears and possibly interest payment rates could make a difference on the crypto battlefield.
In an effort to further expand the markets, the eToro platform now enables people to create portfolios from equities and crypto assets.
“We believe the future is tokenised securities,” he said, combining the two worlds of stocks and crypto on one exchange platform.
In Gandham’s opinion, the “master currency” is and will be Bitcoin, because the coin lends itself as an easy entry point for institutions into the world of crypto currencies. It has a large user base and is set to receive a faster adoption than others in the vertical.
“Negative news is not having a negative impact on Bitocin’s pricing, and I think this is far more important to pay attention to rather than the upward trajectory, it means that Bitcoin is here to stay, it’s not going anywhere.”
Just after Bitcoin’s latest surge, the eToro platform saw four times the growth in new customers.
He thinks that bitcoin is going to be currency money and if the UK wanted to maintain a leading position in the financial market “we need to embrace blockchain and we need to embrace crypto, if we don’t it would be a shame.”
There seem to be no clouds in sight for the crypto sky, according to the eToro managing director. Gandham believes the UK is set to do well, and one of the reasons is a good integration with the regulators.
“Regulators and the HMRC work very closely with the crypto exchanges, but that doesn’t mean we should get comfortable in a leading position.”
This is why eToro wants to wake passion for investing within the younger generation, running competitions for students and incentivising them to learn about the industry.
With an ever thriving community and the crypto currency’s accelerating development over the years, Gandham seemed to have hit the nail on the head when he said “Crypto creates its own passion”.
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