Digital Trading Platform Etoro (ETOR) shared plans on Tuesday with tokenized US shares at Ethereum Blockchain, joining rivals to move towards blockchain-based marketplaces.
The ERC-20-Tokens represents the underlying shares held at Etoro and can be redeemed back in traditional stock holdings, according to the press release. The company said the goal is to make shares translated on-chain and compatible with decentralized finance (defi) applications that open the door to 24-hour market access.
“Our goal is to tokenize each asset at Etoro – – Start with shares – – To enable our users to move tokenized assets to blockchain and from there integrate them into the wider defi -ecosystem, “CEO Yoni Assia said in a statement.” “
He said that new crypto regulations such as Mica in Europe and the stableCOin-focused genius action in the United States “make the tokenization of assets in the real world a new opportunity to create digital assets that are legally supported and regulated.”
The move will put Etoro together with a growing list of trading sites that recently introduced tokenized shares. Competitor Robinhood announced his stock -token trade for European users last month, while several crypto exchanges, including Kraken, Gemini, ByBT also debuted with similar features.
Etoro said that the tokenized stock offering is based on past experiences in tokenization, acquired the Danish Token starting company in 2019 and launched tokenized gold and silver.
Read more: Robinhood pushes deeper into crypto with own blockchain, tokenized warehouse launch
