Leading Social Platform eToro Acquires Smart Contract Development Company Firmo

Exchange and social network for investors and traders eToro announced that it has acquired smart contracts development company Firmo for an undisclosed amount. The acquisition was reported in a press release published on March 25.

Co-founder and CEO of eToro Yoni Assia is quoted in the announcement explaining that the acquisition will allow the platform to grow its offering of tokenized assets. He also noted:

“We believe that in time all investible [sic] assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”

Per the release, the team of the acquired company will act as an internal innovation team working on the tokenization of all eToro’s assets. This process will also reportedly involve the research and development of infrastructure dedicated to the representation of assets and trade execution on blockchain.

The announcement claims that Firmo’s technology allows the safe deployment of financial contracts on any blockchain. The system employs a domain-specific contract language dubbed “FirmLang” that can be translated by the company’s software onto platforms such as Ethereum (ETH), EOS (EOS) or NEO (NEO).

As Cointelegraph reported earlier today, eToro has also announced the listing of Tron (TRX) on its cryptocurrency trading service, which was launched at the beginning of the current month. Earlier in March, eToro had launched crypto trading services in the United States.

Recently, U.S.-based institutional cryptocurrency exchange Seed CX partnered with Singapore-based fintech company Hydra X to offer its trading service in Asia.