Bloomberg reports that Israel-based crypto exchange eToro intends to purchase DLT company Firmo based in Copenhagen. This move has been prompted by eToro’s interest in the growing market of tokenized financial assets. By acquiring the firm, the company plans to contribute to faster growth of this market.
Partnering with a blockchain R&D team
Under the terms of the acquisition, the research and development team of Firmo will work with eToro directly. However, the financial details of the contract have not been disclosed.
eToro CEO Yoni Assia believes that purchasing the Danish company will give eToro a major boost and in the future will enable it to prosper in the tokenized economy. The crypto exchange has big plans for that market and intends to be a massive player in it.
How Firmo can be helpful to eToro
The Danish blockchain firm allows executing financial contracts working through multiple open ledgers. Crypto exchanges can utilize its programming language for making crypto derivatives, p2p lending services, etc.
Many in the crypto community expect to see a massive rise of tokenized assets this year, when companies will attempt to turn all sorts of assets and property into tokens and trade them on blockchain-powered platforms.