eToro, a multi-asset trading company announced that is has acquired the Blockchain firm “Firmo Network”. The company, however, did not disclose any of the figures involved with the acquisition. Firm Network is an established blockchain Copenhagen based network that works on developing smart contracts for blockchain derivatives, public or private.
The Barcelona Trading Conference
The Barcelona Trading Conference is one of the largest trading conferences across the world. It is where all major announcements are revealed by trading companies. The Co-found and CEO of eToro commented on the acquisition of Firmo, saying:
“The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering. Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investable assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”
EToro, the Israeli-based social trading platform will take this Firmo and internally integrate them as an innovation united. Firmo will become responsible for the research and development of infrastructures at eToro.
EToro Betting Big on Crypto-Currency
Establishing themselves in 2007, eToro has positioned them as an innovator. As a trading platform, they’ve bet highly on cryptocurrencies. Just recently they announced TRX for trading, which allowed it’s crypto-currency to jump to 15.
EToro has also expanded globally by providing its services in the United States; they are currently in 31 of 50 states. They also recently received a license from the Gibraltar Gambling Authority as a block-chain company in a crypto-friendly region.
The Founder and CEO of Firmo, Doctor Omni Ross also made a statement as the BTC saying, “The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation; however, a number of challenges are preventing mass adoption and integration into legacy infrastructure. Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain.”