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EToro, the social investment platform, has announced the acquisition of Firmo – an intelligent contract startup that allows derivatives to be segmented "on any major blockchain".
Yoni Assia, co-founder and CEO of eToro, said the decision was aimed at "accelerating the growth of our offer of symbolic badets."
Assia continued:
"The Firmo team has done groundbreaking work in developing practical applications for blockchain technology, which will facilitate frictionless global trading. The adoption of smart contracts on the blockchain increases the trust and transparency of financial services. "
Firmo's has built a platform for the deployment of financial contracts on different block chains. According to eToro, he has also developed a "formally verified, domain-specific" contract language called FirmoLang, which can be translated on a number of blockchain platforms such as Ethereum, EOS or NEO with the help of the Firmo compiler .
The acquisition took place shortly after eToro launched a cryptocurrency trading platform and portfolio service in the United States. The company announced on March 7 that the new platform allowed US customers in 32 states and territories to trade 13 cryptocurrencies.
This is also happening less than two months after rival blockchain application, Abra, announced that it would soon allow users to buy stock fractions and traditional ETFs. A minimum investment of $ 5 "would democratize access to investment opportunities," the firm said at the time.
Describing eToro's development as "essentially organic," Assia said it was looking for companies to "help keep us at the forefront of financial technology innovation."
"We think the market is particularly interesting right now," he added.
Firmo will act as an innovation unit within eToro, charged with fulfilling the firm's goal of "symbolizing all badets on eToro," according to the announcement. The team's work will include infrastructure research and development for the creation of badet tokens and negotiation processes on a blockchain infrastructure.
Dr. Omri Ross, CEO and founder of Firmo, commented:
"The advent of crypto and the blockchain technology that underlies it has resulted in an explosion of financial innovations. However, a number of challenges prevent mbadive adoption and integration into existing infrastructures. Our goal is to enable our users to trade any badet globally with instant settlement by creating badets and executing all critical transaction processes on the blockchain. "
Image of Yoni Assia via eToro
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