eToro Crypto Platform Acquires Firmo Blockchain Startup
A crypto investment platform eToro became the owner of the blockchain startup Firmo from Denmark, as follows from eToro's press release.
Firmo specialists develop smart contracts for derivative financial tools with the support of any popular blockchain, including Ethereum, NEO, and EOS. The Danish startup also develops FirmoLang, a smart contract language.
Yoni Assia, one of the founders and the chief executive of eToro, stated when commenting on this deal that it would help his company enter the market with an offer of tokenized assets. He is confident that blockchain technology and tokenization will play a significant role in the financial market.
According to the head of the company, eToro has so far been somewhat limited in its capabilities, while its areas of activity continue to increase. The purchase of the Firmo startup is associated with the desire to remain at the forefront of innovative technologies. Currently, the financial market is of particular interest, Assia added.
Firmo will operate as the innovative division of eToro. The tasks of the startup will include research and development of the infrastructure of assets related to tokenization and trading based on DLT.
The emergence of crypto and blockchain led to “an explosion” in the financial innovation market, Omri Ross, Firmo executive director, states. However, in his opinion, there is a range of problems that impede the mass introduction of modern technologies into outdated infrastructure.
As previously reported, the company Medici Ventures acquired a stake in fintech startup Bankorus.