The world’s largest social trading network eToro has unveiled its plans to launch a pilot blockchain wallet which will enable users to hold and exchange multiple cryptocurrencies in the same wallet.
The Blockchain wallet project was presented at the St.Petersburg Economic Forum (SPIEF), a unique event in the world of business and economics. SPIEF has been held since 1997, and since 2006, it has been held under the auspices of the President of the Russian Federation.
eToro and coloredcoins.org
The development of eToro’s pilot wallet is being run in collaboration with coloredcoins.org, which was started in 2013 as a method to push metadata to the Bitcoin blockchain.
The roll out will enable eToro users to buy different digital assets, and have them registered into the blockchain using coloredcoins.org technology.
“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,” said Yoni Assia, co-founder and CEO of eToro.
This development is the latest innovation out of eToro since the introduction of Ethereum, an instrument which allows its user base to trade on the ETH/USD exchange rate.
Founded in 2007 and domiciled in Limassol, Cyprus, eToro is the global marketplace for people to trade currencies, commodities and indices online in a simple and transparent way.
eToro is a fast-growing brokerage firm which provides what it calls a social trading platform that connects millions of forex traders. Using their social trading platform, it is possible to copy other trades, search for trading gurus, follow other traders and post comments.
The U.S. limits leverage to 50:1, but traders from other countries can enjoy the leverage of up to 400:1.