eToro, a multi-asset investment platform, has acquired Firmo for an undisclosed sum, the firm announced Monday. Firmo is developing a sidechain that enables users to execute financial-based smart contracts across different blockchains. Using Firmo, users can create financial instruments like crypto derivatives. This news comes after eToro launched its crypto trading service to users in 31 U.S. states and territories.
"The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering. Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investable assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain," says Yoni Assia, Co-founder and CEO of eToro.
"The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation, however, a number of challenges are preventing mass adoption and integration into legacy infrastructure. Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain," Dr. Omri Ross, CEO and Founder of Firmo, added.