Multi-asset investment platform and social network eToro is allegedly planning to launch a debit card in the second quarter of 2020.
On Dec. 9, Business Insider reported that the United Kingdom-based digital asset trading platform’s 12 million users will be able to spend their earnings via a debit card, planned for launch in Q2 of next year.
The service will reportedly launch in the UK firt. However, other details about this planned debit card launch remain unclear.
EToro’s global head of PR & communications, Amy Butler, confirmed to CryptoNewspeople that the company is indeed working on a debit card launch, but declined to provide more details at this point in time.
40% of millennials might look to crypto in the event of a recession
In September, eToro cited a survey on generational investment conducted from July 18 to July 31 among 1,000 online investors in the United States., which 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., said at the time:
“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 acquires cryptocurrency portfolio app Delta
In November, eToro acquired cryptocurrency portfolio app Delta, a deal that was reportedly worth approximately $5 million. The app tracks 6,000 different cryptocurrencies and tokens on 180 exchanges and would be integrated with the eToroX platform, which would enable users to trade from within the app.