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eToro acquires Danish blockchain firm Firmo; aims to accelerate growth of tokenized financial assets

Namrata Shukla

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eToro acquires Danish blockchain firm Firm, aims to accelerate growth of tokenized financial assets
Source: Pixabay

eToro, a renowned crypto-trading platform, recently announced the addition of Tron [TRX] to its platform. Now, the trading platform is expanding even more after it was reported by Bloomberg that eToro acquired Copenhagen-based blockchain firm Firmo.

The report claimed that the partnership would accelerate the growth of tokenized financial assets. eToro would be absorbing Firmo’s research and development team as part of the acquisition, the company said in a statement. However, it did not provide the deal’s financial terms.

In an interview given by Yoni Assia, the Co-founder and CEO of eToro, the acquisition was dubbed as a game changer for his company as it would boost eToro’s growth in the future tokenized economy. He said,

“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.”

He added,

“We aim to be active players in blockchain consolidation”

The report claimed that Firmo’s platform would be used to execute financial contracts on multiple blockchains, which would allow its programming language to be used in creating similar products for cryptocurrency derivatives. A peer-to-peer lending service can also be built using the same.

According to Bloomberg, eToro is looking at additional acquisitions. However, Assia declined to comment on the matter. The Founder and CEO of Firmo, Dr. Omri Ross, said that there were numerous factors that had prevented the mass adoption of blockchain technology and its integration into legacy infrastructure. He said,

“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.”

Firmo would be part of the internal innovation unit at the Israeli social trading platform and would be responsible for the research and development of infrastructure for representation of assets and the execution of trade processes on blockchain infrastructure, reported Finance Magnates.





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Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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