UK based multi-asset social trading platform eToro is planning to launch a debit card in the second quarter of 2020.
On Dec. 9, Business Insider reported that the digital asset trading platform’s 12 million users will be able to spend their earnings via a debit card. The service will reportedly launch in the UK first.
Millenials Prefers Investing in Crypto In Times Of Recession
A survey cited by eToro on generational investment conducted from July 18 to July 31 among 1,000 online investors in the United States suggested that 40% of millennials would prefer to invest in crypto assets in the event of a recession.
Guy Hirsch, managing director of eToro U.S. added:
“We believe that if a recession were to occur, we’d see shrinking stock portfolios and growth in other asset classes like crypto, as well as new fractional ownership models. Historically, these investment opportunities have been limited to high net worth and institutional investors, but innovation is unlocking these opportunities for everyday investors and clearly, these results indicate that the demand is there.”
EToro’s global head of PR & communications, Amy Butler, confirmed that the company is indeed working on a debit card launch, but declined to provide more details at this point in time.
EToro Acquires Cryptocurrency Portfolio App Delta
In November eToro acquired the cryptocurrency portfolio app Delta that tracks around 6000 different cryptocurrencies and tokens over 180 exchanges.
Yoni Assia, Co-founder and CEO of eToro: “We are excited to announce that Delta will become part of the eToro Group. This is our second acquisition this year and reflects our commitment to continued growth and innovation…"@yoniassia @get_delta @TechCrunch https://t.co/Hsh4OPD6Jb — eToro (@eToro) November 6, 2019
The managing director of eToroX, Doron Rosenblum, said that they would integrate Delta with eToroX whereby users could trade directly from within the app. eToroX will also expand Delta’s supported assets beyond cryptocurrencies. eToro created its subsidiary company eToroX back in 2018 that provides a wallet for digital assets and will eventually open an exchange.
Source: Business Insider | Cointelegraph Image Credits: Coin Journal | Coinspace