eToro to Launch Pilot Blockchain Wallet, Enabling Trading of Multiple Assets

eToro, a social trading network, has pushed ahead with its plans to launch a pilot Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term wallet for clients – the development would be a key breakthrough for users that could for the first time successfully see the storage and exchange of multiple cryptocurrency assets in the same wallet. Such a convenience is unavailable on the market today, with blockchain wallets constrained by only a singular denominated cryptocurrency.

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eToro is presently one of the largest social trading platforms in the online finance industry, regulated by both the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term). The group has routinely been at the forefront of cryptocurrency trading, having been one of the first online brokerages to offer bitcoin trading.

The plans for its pilot blockchain wallet were announced at the St. Petersburg Economic Forum (SPIEF), an annual Russian business event for the economic sector that highlights upcoming developments and innovations. An eventual deployment of a multi-use blockchain from eToro is important as it will enable users to see all their cryptocurrency assets on the blockchain and exchange those assets across the relevant blockchains.

The development of eToro’s pilot wallet is being spearheaded in tandem with coloredcoins.org, which was founded by the group in 2014 – the initiative focuses on creating digital currencies for smart economies. The launch of the new wallet will grant eToro’s users to not only purchase different digital assets using the same wallet, but also have them registered into the blockchain using coloredcoins.org technology.

According to Yoni Assia, co-founder and CEO of eToro, in a statement on the wallet blockchain launch: "Blockchain is the biggest innovation in financial services since the introduction of computers into finance, and has the potential to disrupt how all financial services companies will work in the next 20 years. We want to make it easy for people to own, manage and exchange assets on blockchain, that's what the Blockchain Wallet is all about.”

The development is the latest announcement from eToro since its introduction of Ethereum as an instrument to its offering last month, which allows its user base to trade on the ETH/USD exchange rate. Since then, Ethereum has been one of the fastest growing instruments not only in use but also value. Since the beginning of May, ETH/USD has grown 179.3 percent on a month-over-month basis.