eToro, which offers Forex and cryptocurrency trading facility, intends to roll out a debit card in the UK following its acquisition of Marq Millions Ltd, a licensed e-money business having a principal Visa membership.
It can be remembered that eToro took over the UK headquartered Marq Millions Ltd, an e-money processor, for an unspecified amount.
The company will operate under eToro Money title and will take the responsibility of issuing eToro’s intended debit card. Marq Millions executive team will continue to run the business, under the guidance of eToro Money.
The debit cards, whose roll out date is yet to be revealed, will be initially offered to eToro Club members residing in the UK. Afterwards, the company intends to introduce it in Europe.
Eventually, the card will be offered to non-eToro clients as well. eToro Money holds EMI License from the UK’s FCA (Financial Conduct Authority) and is also a Visa Principal Member.
The card will feature a real-time “cash-in and cash-out” functionality for the company’s clients. This implies that crypto traders on eToro will have an additional easy mode of withdrawal.
The company has not provided any explanation regarding the manner in which it works, although it is obvious that a trader should not hold any open positions before attempting a withdrawal.
The CEO of eToro, Yoni Assia, stated that firm anticipates “strong take-up of the card,” primarily led by its 14 million client base.
eToro’s platform offers contracts for difference (CFDs), a kind of derivative contract that mirrors the price volatility of underlying asset without possessing it.
Like perpetual swaps and futures, the platform functions on the basis of collateral margin, permitting traders to take leveraged short or long positions.
The platform supports a wide range of cryptos such as Ether (ETH), Bitcoin (BTC), Litecoin (LTC) and Tezos (XTZ) to name a few.
It can be remembered that last December eToro revealed that it is preparing to roll out a debit card in the June quarter.
There is no clarity as to what caused the delay, apart from Covid-10 likely being one of the major reasons for the postponement.
The intended debit card is a highly demanded product by its clients, even though it seems that the company is trying to promote it beyond the prevailing client base.
Earlier, eToro took over Delta, a cryptocurrency portfolio tracker, in a $5 million deal.
