On Tuesday, the European cryptocurrency dealer, eToro, announced that it would launch a new digital wallet. In summary, the company’s innovative technology will enable over 10 million users to transfer their funds between the platform and their wallets. Without mincing words, this latest addition is commendable as the company plans to make it available on both Google Play and the Apple Store. Additionally, eToro noted that the wallet would feature a multi-signature functionality. The company further noted that it would register the wallet in Gibraltar as eToro X.
Developing the Wallet
The new wallet has been in the works for some time now. However, it is a good thing that the company has come forth to clue intended users in on what to expect. According to those in the know, eToro waited for the Gibraltar Financial Services Commission’s go-ahead before making the latest development public. The agency had to give them the regulatory green light to create distributed ledger technology (DLT)-based products in the country.
Functions of the eToro Wallet
eToro says that the new wallet will empower users to make the most of cryptocurrency. Essentially, the wallet will enable them to perform a crypto-crypto conversion and also deposit fiat currencies. In addition to these features, the wallet’s multi-signature security will enable users to view their transactions without exposing their private keys.
Moreover, the wallet will not restrict users to just a few digital currencies as the wallet can hold many. However, the firm intends to launch the wallet with a few digital currencies and catalog more coins later. Initially, the wallet will hold BTC, ETH, BCH, and LTC. Aside from cataloging more digital assets over time, its reach will also increase over time.
Regarding the eligibility of use, the company made it crystal clear that the wallet is not for everyone at the moment. Clarifying the condition, the company noted that only members of the eToro Platinum Club have that privilege. Sadly, eToro refused to comment on the number of people who have signed up for the package.
eToro Chief Has a Long View
The CEO, Yoni Assia, noted that the company firmly believes that blockchain technology and cryptocurrencies are here to stay. As a result, the CEO said, they would continue to create innovative products for their loyal clients. Furthermore, Assia explained that blockchain technology has all it takes to transfer wealth and revolutionize finance. He concluded that cryptocurrency is just the first step in a tokenized future.
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