Reports reveal that eToro has successfully conducted a trial of issuing tokenized assets on the new Facebook Libra Protocol. The trading platform confirmed the results in an exhaustive blog post on June 20. According to a Github repository detailing its tokenization activities, the firm’s eToroX managed to test its eToken on Libra. eToroX is the platform’s recently launched innovation and research offshoot aiming to venture into the crypto space.
On the other hand, eToken is the underlying technology that supports eToro’s tokenized assets. Researchers explain that they desire to test Libra’s current capabilities in the first week of its existence. Facebook’s Libra announcement has caused extensive jitters in the entire global financial systems.
The Roll Out
The social media behemoth plans to eventually roll out the cryptocurrency for its billions of users. After the Libra token enters the market, users can transact on various online networks like WhatsApp and Messenger. eToro explored Libra’s capabilities using Move IR and successfully managed to implement an introductory version of eToro tokenized assets on the Libra Network.
Libra is seen as Facebook’s first major trial to create a cryptocurrency network. It is expected that an in-house token with the same name might become the first product to exist. Other currently unknown offerings will soon follow. The Libra project has caused huge alarm across the world. Some government officials and lawmakers in the US request Facebook to halt developments pending discussions scheduled to begin in July.
The crypto industry figures have also published appraisals of Facebook’s Libra as a virtual currency. That report majorly criticizes the token’s technical characteristics. Nonetheless, in the case of eToro, the Libra protocol’s current state offers a reason for enthusiasm. eToroX’s chief blockchain scientist, Dr. Omri Ross, said that his company is excited to keenly follow Libra’s developments in future.
All eyes now shift to the regulators who meet in July to see the outcome of their discussions about Libra and the entire crypto industry in general.