eToroX Now Supports Stellar’s XLM as Base Currency for Trading Pairs on its Platform

eToroX has announced support for XLM, Stellar’s native token. The digital currency will serve as the base currency for trading pairs on eToroX. The report came to light via a blog post and tweet on August 7. Stellar has once again shown that it is a serious contender for the top position among cryptos in the future. The digital currency platform has so far made the most of its goal of connecting users, banks and payments models.

Stellar (XLM) Price Today – XLM / USD

Name Price
bitcoin
Bitcoin
$9,935.30-2.22%
stellar
Stellar
$0.067-1.43%

eToroX (the digital currency platform that is also a subsidiary of the social trading firm eToro) revealed that it has listed Stellar Lumens as a base currency for trading pairs on its exchange. This means that users of the exchange can actually buy, hold and trade XLM against other cryptos and stablecoins that are already traded on the eToroX exchange.

Which Trading Pairs Can be Formed with Stellar on eToroX?

According to the report, the trading pairs that can be formed with the Stellar token include XLM/GBPX (eToro Pound sterling), XLM/JPYX (eToro Japanese yen) and XLM/EURX (eToro Euro). The remaining ones include LM/NZDX (New Zealand dollars) and XLM/CHFX, XLM/AUDX (eToro Australian dollars). They can also be used as a base currency for the stablecoins launched by eToroX in April of this year. The pairs include CHFX, AUDX, EURX, JPYX, and NZDX. There are also eight fiat currencies as well in the format.

Stellar’s Objective is to Link Users, Banks, and Payment Solutions

eToroX describes Stellar as a decentralized payment network. The network’s virtual asset, XLM is designed to connect users, banks, and payment solutions. This connection is one way to offer people around the globe a low-cost way to access financial services.

Doron Rosenbaum, who serves as the Managing Director of eToroX, said eToroX believes in the potential of Blockchain technology to include more users in a new financial system. Likewise, Stellar and eToroX is on the same page on the issue. Hence, the company is happy to include its cryptocurrency on its exchange.

According to Jed McCaleb who serves as the CTO of the Stellar Development Foundation, eToro is excited about its latest move. Saying the exchange is bridging the gap between the Blockchain space and traditional markets. In his words:

It is exciting to know that eToro has chosen to add Stellar Lumens as one of the base currencies on the eToroX Exchange. eToro is playing a crucial role in bridging the space between the Blockchain space and the traditional financial markets.”

eToroX Will Also Include Additional GBPX-based FX Trading Pairs

In other reports, eToroX has also revealed that it is looking to add five more GBPX-based FX trading pairs. These trading pairs will include the BPX-JPYX, GBPX-CADX, GBPX-NZDX, GBPX-CHFX, and GBPX-AUDX. eToroX said plans have also been made to include more base as well as counter currencies and new crypto asset pairs plus stablecoin pairs in the coming months.

Earlier than now, eToro had reportedly announced the addition of about 120 ERC-20 tokens. These tokens were included in eToroX’s multi-cryptocurrency on-chain wallet. Some of them were virtual currencies including Maker (MKR), OmiseGO (OMG) and Basic Attention Token (BAT). eToro’s stablecoins were also included as well and they are the EURX and USDX trading pairs.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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