eToro Acquires EDCC Startup Firmo And Adds TRX To Its Trading Platform’s List Of Available Tokens
While most meet an early spring Monday morning with an allergy pill and a tired sigh, global investment platform eToro came bursting out of the gates. eToro announced today, March 25, that the platform has acquired an EDCC(aka smart contract) startup, Firmo, on top of adding TRON’s TRX token as a tradeable asset on its crypto trading service.
As stated in the Firmo acquisition press release, the Copenhagen-based startup works to allow EDCCs for derivatives “to be securely enabled on any major blockchain.” The startup itself has developed a domain-specific contract language it calls “FirmoLang.” Using FirmoLang, the startup is able to “securely execute financial instruments with tokens on any blockchain,” public or private, including Ethereum, EOS, and NEO.
With eToro, Firmo will act as an “internal innovation unit,” working on the research and development of infrastructure for trade processes on a blockchain and asset tokenization. Essentially, Firmo is part of the global investment platform’s eventual goal of “tokenizing all assets on eToro.”
As for eToro’s trading platform, with the TRX announcement, the token becomes the fifteenth tradeable crypto asset on the platform, which includes bitcoin, Ethereum, Litecoin, bitcoin cash, Ripple, and Stellar. The platform was launched in the US just a few weeks ago on March 7. Emphasizing a social side of trading, the trading platform’s CopyTrader feature allows users to “allocate funds to automatically trade proportionally to the portfolio of another user.” For those traders being copied, after meeting unspecified eligibility requirements, they are able to be compensated for their performance on the trading platform.
In its own announcement posted on Medium, TRON confirmed that its token would be made available on the eToro platform. Yoni Assia, cofounder and CEO of eToro, noted that its platform is specifically looking to offer investors access to “crypto-assets that already have some clear success behind them,” and that TRON believes the addition of TRX helps eToro “expand our reach around the world.”
Regarding Firmo, in July 2018, ETHNews spoke with the startup’s CEO, Dr. Omri Ross, about his involvement in the Blockchain Summer School. As a collaborative effort between the University of Copenhagen, IT University of Copenhagen, and the Copenhagen Business School, the Blockchain Summer School was a weeklong program where students studied the latest advancements in blockchain tech and applied that knowledge to real-world projects within the same week.