eToroX adds five new fiat stablecoins

Cryptocurrency trading platform eToroX has announced it will be adding support for five new fiat stablecoin pairs as well as Coinbase’s USDC and Tether’s USDT.

eToroX already provides stablecoins for many popular global fiat currencies such as the euro (EURX), GBP (GBPX), and the US dollar (USDEX).

According to a press release shared with Coin Rivet, the five new stablecoins include the Turkish lira (TRYX), South African rand (ZARX), Signaporean dollar (SGDX), Polish zloty (PLNX), and Hong Kong dollar (HKDX).

These currencies bring eToroX’s total support to 17 stablecoins and 96 trading pairs.

The multitude of fiat pairings available on eToroX allows traders to easily close their positions in the volatile cryptocurrency markets and keep their portfolios relatively stable using a fiat currency peg.

eToroX was established in 2018 and offers a similar trading experience to eToro’s traditional platform, but solely for digital assets.

eToro has consistently shown its commitment to digital assets this year, through both strategic acquisitions of blockchain companies and the growth of its eToroX platform.

The platform focuses on tokenised assets, providing a dedicated crypto wallet and a forthcoming custodial exchange.

At present, users can trade Bitcoin, Ripple, Ethereum, and more against a range of fiat currencies on eToroX.

Gold-backed stablecoin

The platform also now lets users trade the GOLDX/BTC pairing. GoldX is a gold-backed stablecoin which leverages the perceived safety of gold markets to offer traders a safe haven for portfolio value management.

Managing director of eToroX Doron Rosenblum commented:

“Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination.”

Coin Rivet reported last week that eToroX had acquired crypto portfolio tracker Delta in a bid to expand its reach in the cryptocurrency markets. Roseblum hinted that the platform would be looking to let users trade digital assets directly from their Delta apps in the coming months.

eToro also acquired blockchain start-up Firmo earlier this year, which tokenises assets and deploys smart contracts across any blockchain. Founder and CEO of eToro Yoni Assia said that the takeover would move eToro closer to tokenising every asset on the platform.