Social trading and multi-asset brokerage company eToro[1] has acquired Firmo, a smart contract infrastructure provider, for an undisclosed amount, eToro announced on Monday. The company said the acquisition aims to bring it “one step closer to becoming the first truly global service provider allowing people to trade, invest and save.”
The Firmo team will act as an internal innovation unit and will be tasked with bringing to life the goal of tokenizing all assets on the eToro platform. This will involve research and development of a blockchain-based infrastructure for the representation of assets and the execution of trade processes.
Commenting on the acquisition, Yoni Assia, co-founder and CEO of eToro, said the deal “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 investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain,” Assia added.
eToro, a brokerage company providing a social trading platform supporting both traditional assets and crypto-assets, established its digital asset subsidiary eToroX last year. eToroX is responsible for “defining and executing eToro’s vision around blockchain and the development of cryptoassets.” In particular, it is building a product range and infrastructure centered on tokenized assets.
Today, eToroX manages eToro’s newly launched[2] wallet and will run the company’s forthcoming crypto-assets exchange set for global launch later this year.
eToroX was granted[3] a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) in December 2018.
“While our expansion has been largely organic to date, as the eToro business continues to grow we are on the lookout to acquire businesses which will help us stay at the forefront of fintech innovation,” Assia
