Elrond will be listing its native blockchain currency eGold on eToroX, the cryptocurrency arm of social trading network eToro, effective December 23.
Starting in 2018, Elrond has claimed to offer high throughput processing capacity of up to 250,000 transactions per second which scales up performance and usability for its blockchain network. The firm said its blockchain “brings 1,000x improvements over existing blockchains” backed by a working state sharded architecture that enables fast and inexpensive stablecoin transactions.
Created in 2018, eToroX is tasked with defining and executing eToro’s vision around blockchain, including its crypto exchange and the development of crypto assets. In 2019, the company unveiled its own proprietary cryptocurrency wallet, and shortly after it secured Gibraltar’s financial services watchdog’s bespoke license for blockchain firms using distributed ledger technology.
The news of eGold addition to eToro ecosystem comes as the valuation of the Israeli unicorn soared to $2.5 billion compared to just $800 million in its last funding round in 2018.
Beniamin Mincu, CEO and Founder of Elrond Network commented: “In its 10 years of existence Bitcoin has proven that cryptocurrencies are secure and can serve an important purpose in the internet economy. Elrond opens up a new frontier offering internet-scale blockchain performance, and an intuitive application called Maiar, through which we aim to bring the next billion people to the blockchain space.”
Binance has been an early backer of Elrond project and already led a $3.25 million funding round together with Electric Capital and NGC Ventures. Though Elrond (ERD) was barely known before its Binance hook-up, with the launch of the DEX having already sparked excitement among crypto traders.
Binance’s adoption of Elrond (ERD) came after it signed a new partnership with the developer of Elrond blockchain network, which made its native, USD-pegged stablecoin (BUSD) available on the Elrond Network.