Social Trading Company eToro Acquiring Danish Blockchain Company Firmo

Tel Aviv-based financial trading eToro Group Ltd. is acquiring Copenhagen-based blockchain company Firmo Network, the company announced Monday. Financial details for the acquisition were not disclosed.

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Founded in 2007, eToro enables users to invest in a wide range of financial assets, including cryptocurrencies. The company launched a pilot blockchain wallet in 2017, and in 2018 launched a final version called eToroX. The company raised around $160 million to date from investors including China Minsheng Financial Holdings, SBI Holdings, and Korea Investment Partners.

Founded in 2017, Firmo develops a platform for trading tokens on any blockchain, both public and private. The company, which employs 10 people, will remain based in Denmark, operating as an eToro innovation arm.

The acquisition will enable eToro to expand its digital asset offering and market hold, eToro CEO Yoni Assia said in a statement.