London-based social trading and investment marketplace eToro has confirmed that it has acquired Copenhagen-based Firmo, a blockchain startup which offers smart contract infrastructure. The firms have not disclosed the financial terms of the deal.
eToro intends to use the research and development capabilities of Firmo's team which will assist them tokenizing assets on their platform. Firmo will operate as an internal R&D arm within eToro to develop blockchain-oriented trade execution.
eToro was founded by David Ring, Ronen Assia, and Yoni Assia in 2007. The firm has secured $222.6 million in funding from the backers that include China Minsheng Financial Holdings, Korea Investment Partners, SBI Group, World Wide Invest, Digital Currency Group, CommerzVentures GmbH, Ping An, SBT Venture Capital, FortRoss Ventures and others.
Assia, the CEO of the eTor talking about the acquisition said, “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.“
Firmo, the blockchain-enabled platform's founder and CEO Omri Ross commenting on the goal of his firm said, “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.“
Image Courtesy : cryptobriefing, firmo