Trading platform eToro has announced its intention to issue cryptocurrency debit cards following the acquisition of British financial industry firm Marq Millions Ltd.
The amount of the deal was not disclosed, but the current management staff of the firm will retain their jobs. Marq Millions will change its name to eToro Money and become the issuer of eToro cards. Initially, they will be available to eToro Club members in the UK, then throughout the European Union, and in the future they will be available to all traders, even those who are not members of the eToro Club.
eToro Money has Visa Principal Member status and an Electronic Money Management (EMI) license from the UK Financial Conduct Authority (FCA). However, the issuance of cryptocurrency cards will still require the approval of the British regulator.
“Issuing debit cards will be the next step in the development of eToro, as we intend to expand the range of services for our users. The cards will provide instant receipt and withdrawal of funds. First of all, our product needs to resonate with 14 million registered users of eToro, and then it will enter the wide international market, ”said Yoni Assia, co-founder and CEO of eToro.
Former Marq Millions COO and eToro Money Managing Director Mahmood Kamran added that the firm is delighted to be part of a debit card project that will provide traders with an additional option to pay with cryptocurrencies.
As a reminder, cryptocurrency exchange Binance also launched the Binance Card debit card in the European Economic Area (EEA) this month. The card supports BTC, BNB, SXP and BUSD. However, the launch of the maps did not take place immediately due to legal difficulties.