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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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Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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