EToro trading platform has announced its intention to issue cryptocurrency debit cards after acquiring the British firm Marq Millions Ltd, which works in the financial industry.
The amount of the transaction was not disclosed, but the current managing staff of the firm will keep their jobs. Marq Millions will change its name to eToro Money and become an eToro card Issuer. Initially, they will be available to eToro Club members in the UK, then in 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 the status of” Principal Member ” of the Visa payment system and a license to work with electronic money (EMI), issued by the financial Supervisory Authority of the United Kingdom (FCA). However, the issue of cryptocurrency cards will still require the approval of the British regulator.
“The issue of debit cards will be the next step in the development of eToro, as we intend to expand the list of services for our users. The cards will provide instant receipt and withdrawal of funds. First of all, our product should find a response from 14 million registered users of eToro, and then it will enter a wide international market,” said eToro co – founder and CEO Yoni Assia.
Former chief operating officer of Marq Millions and managing Director of eToro Money, Mahmood Kamran, added that the firm is happy to become a participant in the project to launch debit cards, which will provide traders with an additional opportunity to pay with cryptocurrencies.
Recall that this month, the cryptocurrency exchange Binance also launched a debit card Binance Card on the territory of the European economic area (EEA). The card supports BTC, BNB, SXP and BUSD. However, the cards were not launched immediately due to legal difficulties.