Social trading platform and crypto exchange eToro has announced that it has bought up the smart contract developer Firmo.
Yoni Assia, co-founder and CEO of eToro, said in the press release that the acquisition will help his company increase the supply of “tokenized” assets.
To that end he states:
“We are confident that all assets will soon be tokenized, resulting in an immense capital transfer to Blockchain”.
Tokenization means the packaging of assets into digital items, for example, a large property can be broken down into small parts, which leads to investment barriers can be reduced. This will make the market accessible to smaller investors, which will benefit both investors and sellers.
Innovating, always comes first
Furthermore, the press release states that the acquired company Firmo should work as an innovation team with the task of recognizing all assets of eToro. For this purpose, an appropriate infrastructure is to be set up in order to be able to map the assets adequately on the blockchain.
Firmo’s Smart Contract technology should make it possible to transfer financial contracts to a blockchain
The system uses a special programming language called “FirmLang”, which can be “translated” by the Firmo software, so that it can be fed to platforms such as Ethereum (ETH), EOS (EOS) or NEO (NEO).
EToro has launched the Tron token (TRX)
Earlier this month, the UK trading platform expanded into 32 US states.
Similar to eToro, the SeedCX crypto exchange expanded its reach by entering the Asian market through collaboration with fintech company Hydra X.
Also published on Medium.