eToro is expanding its functionality for users in the United Kingdom. The company now seems geared to issue credit cards to its users. Earlier today, tech news source TechCrunch reported that eToro had acquired Marq Millions Ltd., a U.K.-based e-money provider. The acquisition was followed by an instant hire, with Marq now building eToro Money — eToro’s planned debit card service.
Pivoting Marq Millions
While TechCrunch didn’t reveal how much the deal had commanded, it explained that eToro wouldn’t be dissolving Marq Millions’ management team. Instead, all management officials will simply transition into eToro Money and begin work on the debit card service.
The date of the debit cards’ launch is still unknown. However, as TechCrunch explains, it will be available first to eToro Club members in the U.K. The company will follow that with an expansion into European Union countries, eventually making the cards available to non-eToro users too.
The card will provide an instant “cash-in and cash-out” functionality for eToro customers. With this feature, crypto traders will also be able to convert their trading profits to cash seamlessly. Yoni Assia, eToro’s chief executive, explained that the company expects users to quickly take the cards up, with its claimed 14 million customers spearheading the initial adoption process.
Binance Ready to Offer Debit Cards
eToro isn’t the only company gearing up to make a foray into the payment space. Binance, the world’s leading cryptocurrency exchange, is also set to deliver its debit cards to customers. Changpeng “CZ” Zhao, Binance’s chief executive, said in an answer to a community member last week that the company had begun delivering its debit cards.
Binance had announced plans to launch a debit card service in April. At the time, the company’s press release claimed that the cards would be backed by payment processor VISA. It added that it would initially be available in South East Asia, with many believing that it would start testing in Malaysia.
J Josh Goodbody, the Head of Growth at Binance Card, explained to Cointelegraph that users would initially be able to deposit Bitcoin and the Binance Coin to their wallet. He added that the testing period would see the cards use the dollar as their transaction currency. So, clients outside the United States might have to pay foreign exchange fees for their purchase.
Users would pay $15 to order the card, with Binance promising that it wouldn’t charge any monthly or yearly maintenance fees. Like eToro, Binance followed its announcement with an acquisition. The top exchange acquired Swipe, Philippines-headquartered firm focused on manufacturing crypto-to-fiat VISA debit cards.
Although the announcement didn’t explain that Swipe will help Binance develop the Binance Card, it was evident. In an email to Cointelegraph, Swipe COO John Khenneth explained that the two companies would work closely together to launch debit cards for various regions of the world.
Khenneth added that Swipe supported over 20 cryptocurrencies at the time of the acquisition. The service also already added the Binance Coin to its suite, allowing users to buy and sell the asset via bank accounts, Swift transfers, and the Single Euro Payments Area (SEPA).