LONDON, March 11, 2019 /PRNewswire/ -- eToroX, the digital asset subsidiary of global investment platform eToro, today announces that users of the eToro Wallet can now buy cryptoassets with fiat directly within the wallet app.
All cryptoassets available in the eToro Wallet (currently Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP) can now be purchased directly in the wallet app using a credit or debit card (Visa, including Visa Electron and Visa Plus, MasterCard, Maestro and Cirrus). At present purchases can be made in euros or pounds sterling.
Commenting on the news, Doron Rosenblum, Managing Director of eToroX, said: "We are pleased to have provided our wallet users with a convenient way to buy crypto with fiat within our wallet app. A key barrier to the mainstream adoption of cryptoassets is the user experience, and this new functionality enables people to purchase crypto straight from their card. This is exactly how users expect to transact online."
Yoni Assia, Co-founder and CEO of eToro, added: "Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX and the eToro wallet will help us do this. We believe that cryptoassets and the blockchain technology that underpins them will revolutionize global finance. In the future all assets will be tokenized and we are just taking the first steps on this journey. Removing obstacles when purchasing crypto will help drive mass adoption."
eToroX has partnered with Simplex, a licenced financial institution, which combines payments processing with state of the art fraud prevention technology, as part of the process of enabling this new functionality.
The eToro Wallet is provided by eToroX. eToroX was created in 2018 by eToro, the global multi-asset investment platform with over 10 million registered users. eToroX is responsible for defining and executing eToro's vision around blockchain and the development of cryptoassets. It provides the evolving product range and infrastructure to support the growth of tokenized assets. Today, eToroX manages eToro's wallet and will run the forthcoming exchange.
The eToro Wallet is a new product which is being rolled out on a phased basis both in terms of geographic reach and functionality.
Notes to editors:
Information on fees and maximum/minimum transactions sizes can be found at: https://etorox.com/customer-service/fees/index.html
eToroX is a subsidiary of the eToro Group. The business was formed in 2018 to provide the infrastructure to support eToro Group's commitment to facilitating the evolution and growth of tokenized assets. It provides eToro's newly launched wallet and will run the forthcoming exchange.
The distributed ledger technology (DLT) provider licence was granted by the Gibraltar Financial Services Commission to eToroX in December 2018 (licence number FSC1333B). eToroX is incorporated in Gibraltar with company number 116348 and its registered office is at 57/63 Line Wall Road, Gibraltar. www.etorox.com
eToro empowers people to invest on their own terms. The platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. eToro is a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated by the Financial Conduct Authority in the UK. www.etoro.com
Simplex is a FinTech company providing guaranteed fraudless payment processing solutions. Simplex processes credit card payments with a 100% zero fraud guarantee – in case of a chargeback, the merchant gets paid by Simplex. The cutting-edge Simplex fraud prevention solution and proprietary state-of-the-art AI technology stops fraudulent transactions and allows more legitimate ones to complete payments with ease and speed while increasing conversion rates and enabling merchants to focus on their business growth. Simplex's HQ is located in Israel, with subsidiaries in the UK, US, and Lithuania. Simplex was founded in 2014, and today works with some of the largest crypto exchanges, wallets, and platforms. www.simplex.com
The services of the eToro Wallet are provided by eToroX.