eToro Plans to Launch Its Own Debit Card in 2020

eToro, a platform that enables its customers to invest in the assets they want, from stocks and commodities to crypto-assets, plans to launch a debit card within this year while expanding its operations in the US, South Africa, and Hong Kong.

Expanding Services to Customers in Over 100 Countries

Rumors had persisted for a while that eToro was about to launch its own debit card. Now, in a recent interview with Globe’s Roy Katsiri, eToro confirmed that the company is indeed planning to launch a debit card this year.  According to Katsiri, eToro co-founder and CEO Yoni Assia said,

The card will expand the financial services that we currently provide to customers from over 100 countries around the world.

Based on the premise that “the total value of the cryptocurrency market grew 54% to $193 billion in 2019, with bitcoin accounting for 68% of it,” eToro expects that its debit card will help further enhance its customer experience for its 12 million users.

In its efforts to streamline operations, eToro’s leadership believes the debit card will further provide its customers with a convenient way to withdraw and spend their funds. In this connection, eToro boasts, “to be one of the few companies in the world in which the customer can both buy bitcoin on the platform and transfer it to his wallet, and also trade in shares.”

eToro Plans To Allow US Customers to Trade Crypto-Assets and Shares

In its pursuit of growth and innovation, in November 2019, eToro announced the acquisition of Delta. Delta is a crypto portfolio tracker application that allows users to track Bitcoin, Ethereum, Litecoin, and thousands of other altcoins. Delta was eToro’s second acquisition in 2019.

Additionally, eToro plans to expand its activities in all the countries in which it operates. For example, the company started its operations in the US in 2019, and it already plans to expand its operations there. According to Assia,

Today, we offer US customers only trading in cryptocurrencies, but in the future, we’ll expand our activity there to trading in shares. In addition to the 42 US states in which we’re active, we’re planning to expand to other states, including New York.

How do you think eToro’s debit card will impact Bitcoin’s adoption? Let us know your comments below.

Images via Shutterstock