Social trading platform eToro has added stablecoins linked to gold and silver to its digital assets available on eToroX.
In addition, stablecoins pegged to the Russian ruble and Chinese yuan have been added to the eight already available.
eToroX was launched in April as a subsidiary of eToro to facilitate the exchange of crypto assets.
eToroX initially offered the five most prominent cryptocurrencies – Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin – and stablecoins pegged to USD, GBP, EUR, CHF, JPY, AUD, CAD, and NZD.
“One of the key obstacles that cryptoassets need to overcome for mainstream adoption is price stability,” says eToro CEO, Yoni Assia.
“Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain.
“By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenised assets.”
eToro gold and silver exchange
Seventeen fiat pairs have also been added to eToroX bringing a round-the-clock foreign exchange service to the platform.
“The inclusion of 17 new instruments to our exchange less than a month since we launched shows the commitment to grow our exchange and the huge possiblities offered by the blockchain,” says Doron Rosenblum, eToroX managing director.
“The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver.”
The 17 pairs include those for the exchange of the most prominent fiat currencies: USD, GBP. EUR, CHF and JPY, as well as pairs linking eToro’s gold and silver stablecoins to USD.
The cryptocurrency looks to be enjoying a bull-run after enduring a prolonged bear market throughout 2018.
The price of Bitcoin climbed above the $7000-mark on Monday, marking an eight-month high.
This has helped trigger some renewed optimism for cryptocurrency as an asset class among institutional investors and HNWIs.