July 31 2020 | AtoZ Markets – Trading platform eToro has acquired UK-based e-money company Marq Millions to support the launch of its new debit card. Marq Millions is an FCA regulated white-label debit card issuer. Marq Millions will now operate under the name eToro Money and become the card issuer for eToro. Through the acquisition, eToro gains control over the EMI license and VISA membership of the original company. It will provide them with a fast track to market.
Commenting on the acquisition, co-founder and CEO of eToro, Yoni Assia said: “We are proud to announce the acquisition of the Marq Millions business and to welcome the team to the eToro family. The launch of a debit card is a natural next step for eToro as we broaden the range of services that we provide to our users."
eToro Debit Card Launch
eToro will offer a debit card soon to its European customers starting with the UK after approval from the UK's FCA. eToro debit card will provide its customers with instant withdrawal functionality. This will be helpful for crypto investors to directly withdraw crypto earnings through a debit card.
eToro Chief Executive Officer Yoni Assia commented:
"Launching a debit card is a natural next step for eToro as we expand the range of services we provide to our users. The debit card will provide instant withdrawal and cashout functionality, greatly improving the user experience. We expect to see strong adoption of the card - initially from our customers.”
Mahmood Kamran, the former COO of Marq Millions and now MD of eToro Money said earlier that the team is very excited to become a part of eToro.
Kamran said: "The backing of this leading global FinTech will allow us to issue a debit card which we are confident will become a market leader globally. You can expect to hear a lot more from eToro Money in the coming months and years."
Moreover, there has been a massive surge among crypto service providers to launch crypto debit cards as it makes crypto transactions easier. Many traditional financial firms have shown interest in launching crypto debit cards, and many crypto service providers are also looking to launch a crypto debit card in the near future.
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