eToroX granted DLT license

roboforex licensed

FX broker eToro has announced that its digital subsidiary, eToroX, has been granted a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC).

eToroX is responsible for defining and executing eToro’s vision around blockchain and the development of cryptoassets and is managing eToro’s wallet, which was launched last month.

Commenting on the news Yoni Assia, Co-founder and CEO of eToro, said:

We believe that cryptoassets and the blockchain technology that underpins them will revolutionize global finance, bringing about the greatest transfer of wealth ever onto the blockchain. In the future all assets will be tokenized and we are just taking the first steps on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX will help us do this.

We are proud to say that we are amongst the first companies in the world to obtain a licence for cryptoassets and one of very few regulated companies in the crypto space.

Doron Rosenblum, Managing Director of eToroX, pointed out:

We believe that a strong system of regulation will support the mass adoption of blockchain technology, including cryptoassets. We don’t need to reinvent the wheel to regulate blockchain. Whilst blockchain brings some unique challenges to regulators, we can protect users and help support new ideas by applying the same fundamental principles as we have in other financial markets.

The GFSC has been forward-thinking in developing this framework and we hope it serves as a blueprint for other markets. The licence process has been thorough but by working closely with the GFSC we are pleased to say that we now have a licence and look forward to supporting the growth of tokenized assets.

Yoni Assia added:

The launch of our wallet and the forthcoming exchange are big steps for eToro in expanding our crypto offering. With the launch of our wallet, we can for the first time provide clients with a means of transferring cryptoassets away from the eToro platform. With the eToroX wallet, customers are able to send and receive crypto via the blockchain.

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eToroX granted DLT license


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