eToro, a social trading network, has pushed ahead with its plans to launch a pilot blockchain wallet for clients – the development would be a key breakthrough for users that could for the first time successfully see the storage and exchange of multiple cryptocurrency assets in the same wallet. Such a convenience is currently unavailable on the market today, with instead forces blockchain wallets to be constrained by only a singular denominated cryptocurrency.
eToro is presently one of the largest social trading platforms in the online finance industry, regulated by both the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities Exchange Commission (CySEC). The group has routinely been at the forefront of cryptocurrency trading, having been one of the online brokerages to offer bitcoin trading.
The plans for its pilot blockchain wallet were announced at the St. Petersburg Economic Forum (SPIEF), an annual Russian business event for the economic sector that highlights upcoming developments and innovations. An eventual deployment of a multi-use blockchain from eToro is important as it will enable users to see all their cryptocurrency assets on the blockchain and exchange those assets across the relevant blockchains.
The development of eToro’s pilot wallet is being spearheaded in tandem with coloredcoins.org, which was founded by the group in 2014 – the initiative focuses on creating digital currencies for smart economies. The launch of the new wallet will grant eToro’s users to not only purchase different digital assets using the same wallet, but also have them registered into the blockchain using coloredcoins.org technology.
According to Yoni Assia, co-Founder and Chief Executive Officer (CEO) of eToro, in a statement on the wallet blockchain launch, “Blockchain is the biggest innovation in financial services since the introduction of computers into finance, and has the potential to disrupt how all financial services companies will work in the next 20 years. We want to make it easy for people to own, manage and exchange assets on blockchain, that’s what the Blockchain Wallet is all about.”
The development is the latest announcement out of eToro since its introduction of Ethereum as an instrument to its offering last month, which allowed its user base to trade on the ETH/USD exchange rate. Since then, Ethereum has been one of the fastest growing instruments not only in use but also value. Since the beginning of May, ETH/USD has grown 179.3 percent on a month-over-month basis.