eToro Buys the Danish Blockchain & Smart Contract Startup Firmo
Global multi-asset investment and trading firm eToro has recently announced the acquisition of the Danish crypto firm Firmo that enables smart contracts for derivatives to be securely executed on any major blockchain. The net amount of the acquisition is still unknown. With this acquisition, eToro is looking forward to becoming the pioneer in providing tokenized futures in the global market.
eToro is one of the most popular online trading and investing platform that opens the doors of the global financial commodity and the crypto market for users across the globe. eToro currently has more than 10 million registered users who share their investment and trading strategies on the platform. Anyone on the platform can use their ‘social trading’ feature that enables participants to see, follow and automatically copy the actions of other investors in real time.
Commenting on the news, Yoni Assia, co-founder and CEO of eToro, said:
“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 investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”
The acquisition of Firmo will help eToro to achieve its goal of opening the global financial markets and enable users to trade and invest with convenience. eToro has also started exploring cryptocurrencies and their underlying technology blockchain. The company has also already started offering crypto related services and now they are focusing sharply on blockchain. The acquisition of the Copenhagen-based blockchain firm Firmo can prove to be a game changer for eToro as it will help to accelerate the growth of tokenized financial assets.
Firmo’s underlying technology can be used by eToro to securely deploy financial contracts on multiple blockchains. The Firmo team will act as an internal innovation unit and their primary goal is to figure out ways of tokenizing all the assets that are currently present on the eToro platform. The Firmo team will now apparently focus on research and development of blockchain infrastructure that supports all assets within the eToro platform and execution of trading processes. Firmo has previously developed a domain-specific contract language ‘FirmoLang’ which can be translated on multiple blockchains with the help of Firmo’s compiler.
Omri Ross, Firmo CEO and founder, said:
“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.”
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