eToro, a popular commodity trading app with the option to trade traditional stocks as well as digital assets, is all set to launch its debit card for U.K. customers. Etoro’s decision to launch its debit card might be influenced by its recent acquisition of principal VISA member Marq Millions Ltd, which also posses an e-money business holding license.
The news broke on July 29, but the fiscal details of the acquisition were not revealed. The firm would now offer its debit card as eToro Money. However, the Marq Millions Ltd management team would work with the eToro Money.
The date for the launch of the debit card has not been revealed yet, however, the debit cards would be first made available to the club members in the United Kingdom.
After the launch of a debit card for U.K. club members, the services would be expanded to Europe and later to even non-eToro members. Apart from acquiring the prime Visa membership, eToro would also inherit EMI License permission from the U.K.’s Financial Conduct Authority as well.
How would eToro’s Debit Card Works?
eToro’s debit card would facilitate instant cash-in and cash-out services, which could be a big hit among crypto traders to cash out their profits in cash.
Yoni Assia, CEO of eToro, commented on the company’s plan to launch the debit card and also believe that there will be many takers given the firm boasts of 14 million registered users.
There has been a massive surge among crypto service providers to launch crypto debit cards as it makes crypto transactions easier. Many traditional financial firms have shown interest in launching crypto debit cards, and many crypto service providers are also looking to launch a crypto debit card in the near future, which is a clear sign of rising popularity and adoption of cryptocurrencies.