In a tweet and blog post on August 7, 2019, eToroX, a digital asset platform and a subsidiary of social trading company eToro announced it had added Stellar Lumens (XLM) as a base currency for trading pairs on the eToroX exchange. As a result, users of the Exchange can buy, hold or trade XLM against other cryptocurrencies and stablecoins supported on eToroX.
XLM Becomes Base Currency on eToroX
Per the announcement, eToroX has added XLM as a base currency for trading pairs on its cryptocurrency exchange, eToroX. XLM can now be traded against other crypto assets including stablecoins which are supported on the Exchange. Also, platform users can either decide to buy, hold, or sell XLM on eToroX.
Reportedly, the trading pairs that can be formed with Stellar include XLM/GBPX (eToro Pound sterling), XLM/EURX (eToro Euro), and XLM/JPYX (eToro Japanese yen). Others are XLM/CHFX, XLM/AUDX (eToro Australian dollars), and XLM/NZDX (New Zealand dollars). EURX, JPYX, CHFX, AUDX, and NZDX, are some of the stablecoins launched by eToroX in April this year and pegged to eight fiat currencies.
Stellar’s Aim of Connecting People, Banks, and Payment Systems
According to eToroX, Stellar is a decentralized payment network protocol, and its virtual asset XLM is used to connect people, banks, and payment systems. The connection is in a bid to provide low-cost access to financial services to people around the world.
Doron Rosenblum, eToroX Managing Director while making comments said eToroX believes in blockchain’s potential to include more people in a new financial world. Likewise, Stellar has the same point of view, and as such, the company is excited to add its crypto-asset on its platform.
Jed McCaleb, CTO of the Stellar Development Foundation said:
“It’s exciting that eToro has added Stellar Lumens as a base currency on the eToroX Exchange…We believe eToro is playing an important role in bridging the gap between traditional financial markets and the blockchain world.”
eToroX Reveals it Will Add More GBPX-based FX Trading Pairs
In other news, eToroX has revealed it intends to add five additional GBPX-based FX trading pairs. Also, these pairs will include BPX-JPYX, GBPX-CADX, GBPX-CHFX, GBPX-NZDX, and GBPX-AUDX. Plans are also being made to add more new base and counter currencies as well as new crypto assets, asset pairs and stablecoin in the next few months.
Before this time, eToro had announced the addition of 120 ERC-20 tokens to its multi-crypto on-chain wallet. Some of these tokens were cryptocurrencies including Maker (MKR), Basic Attention Token (BAT), and OmiseGO (OMG). eToro stablecoins were also added and these were EURX and USDX.