eToro is social trading as well as investing platform which has recently announced its acquisition of a smart contract development startup “Firmo.” The social investment platform confirmed the news through a press release which was published on Monday, 25th March. Yoni Assia, the CEO, and co-founder at eToro explained that this step of the firm would let it accelerate its growth for tokenized assets offerings. He underlined:
“We believe that in time all investible [sic] assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”
He also remarked that the team of developers at smart contract startup did a fantastic job to develop a practical application for blockchain to support friction-less global trading. Smart contracts help to build increased trust and transparency in financial services. The platform developed by Firmo, let the safe deployment of financial contracts on various blockchains. FirmoLang is a “formally verified, domain-specific” contract language developed by the startup. It can be put onto multiple blockchains such as Ethereum, EOS or NEO with the support of compiler of Firmo.
Soon after the launch of cryptocurrency trading platform and wallet service in the U.S, eToro acquired Firmo. The latest platform will let its users in the United States carry out trading operations in almost 13 cryptocurrencies. Assia described the expansion of eToro as “largely organic,” and stated that it would “help us stay at the forefront of fintech innovation.” He further added:
“We believe that the market is particularly exciting at the moment.”
According to the press release, the staff of Firmo will serve as an internal innovation team that will carry out research and development of infrastructure in order to tokenize the assets and trade execution on the blockchain. Dr. Omri Ross who is the CEO and founder at Firmo, states:
“The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation; however, many challenges are preventing mass adoption and integration into legacy infrastructure.”
He further added that the firm aims to let its users trade any asset across the globe with an immediate settlement of asset tokenization along with the implementation of trade processes on the blockchain.
The social investment firm also announced its support launch for TRON(TRX) on 25th March.