eToro adds UMA and API3 to take platform’s total digital assets to 64
Social investing network eToro today added two new cryptocurrency tokens to its investment platform, taking the total number of digital assets offered to 64.
eToro users can now invest in Universal Market Access (UMA) and API3. Both based on the Ethereum blockchain, the two tokens facilitate on-chain governance – a system used for managing and implementing changes to crypto asset blockchains, as well as other scopes.
Universal Market Access (UMA) is an ethereum-based protocol that enables users to build their synthetic assets, which are tokens that track the value of real-world assets, at low fees and without the need for a central body. UMA is a governance token and can be used to pay fees, mint synthetic assets as well as vote on changes to the protocol.
API3 is an oracle protocol. Oracles act as a middleware solution between a blockchain and the real-world. API3 is a platform that enables blockchain-based decentralised applications (dApps) to access blockchain-external, real-world data and services via application programming interfaces (APIs).
“In the first quarter of 2021, eToro users quickened the pace of investing in smaller, ‘workhorse’ cryptos, showing a growing interest in alternative use cases,” said Simon Peters, Market Analyst at eToro.
“We are excited to be adding two coins with use cases that enable asset tracking and on-chain governance. With these new additions, we renew our commitment to offering our users more opportunities to diversify their portfolios and continue expanding our range of crypto assets. As always, we urge investors to do their research before investing.”