eToro Set to Issue Crypto Debit Cards in UK

After the announcement on 29 July crypto-enabled investment app, eToro is expected to unleash its debit card in the United Kingdom. This is coming after the firm purchased Marq Millions Ltd, a registered e-money company with a big Visa membership.  

Marq Millions Ltd is a U.K.-based e-money company acquired by eToro for an unspecified sum. The firm is now doing business as eToro Money and will be the exclusive issuer of the proposed debit card while Marq Millions’ management team will stay in the eToro Money group.

eToro Yet to Announce Arrival Date

Debit cards, whose arrival date is still uncertain, will only be accessible to representatives of the eToro Club who reside in the United Kingdom. Geographical extension to Europe will continue, while other customers will still be allowed to use the card later. EToro Money inherits approval from the U.K. Financial Conduct Authority for the EMI license, in addition to becoming a Visa Principal Partner.

The card is claimed to offer immediate cash-in and cash-out capabilities for the platform’s users and will provide an alternative way for its crypto traders to turn their crypto gains to cash.

The precise reason behind this remains unclear, but it is possible that it would entail the closing of roles before it will remove the funds. Cointelegraph asked eToro to know more about the proposed debit card, but did not provide an immediate response.

The CEO, Yoni Assia, said that the business predicts a “fast take-up of the app,” with its estimated consumer base of 14 million registered users spearheading initial acceptance.

EToro is a trading network focused on differential contracts, or CFDs, a type of derivative contract that mimics the market volatility of the underlying commodity without owning it directly. This works on loan securities that enable traders to quickly reach long or short-term leveraged positions.

The card is already a widely demanded feature of its customers, but it seems that the company’s intentions extend beyond even its current client base.