eToro Confirms Working on a Debit Card; Support for Crypto Unclear

Trading and investing platform eToro confirmed to Cryptonews.com that they are working on a debit card, but declined to comment further for now. What remains unclear, however, is whether this new product will support crypto.

Business Insider reported today that they’ve seen a leaked memo, images and emails sent to the company’s head of finance in the UK, which allegedly indicate that eToro will be launching a debit card in 2020 in London, in order to expand its services, as well as that the users would be able to set up recurring payments through the card (for example, subscription services), and also possibly spend their eToro earnings.

The platform’s spokesperson told Cryptonews.com that “regarding the debit card, we can confirm that this is something we are working on however it isn’t something we can provide any detail on at this point in time.” They added that they aim to evolve the product lineup in order to satisfy the needs of their 12 million registered users in over 100 countries.

Founded in 2017 and recently launched in the U.S., eToro provides clients with access to the assets from commission-free stocks and exchange-traded-funds (ETFs) through to foreign exchange (FX), commodities and digital assets.

“At a time when other fintechs state that they are not even targeting profitability, we are proud to be a well-funded, profitable business that is growing both in terms of geographical coverage but also product range,” the spokesperson said, adding that eToro will continue growing both organically and by acquisition.

It has raised USD 222.7 million to date, Business Insider says. The company was valued at USD 800 million in 2018, according to Reuters.