Social investment platform eToro on Friday (Dec. 10) launched the eToro Money program across the U.K., allowing users to deposit and withdraw money as well as manage their cryptocurrency and other investments in one place.
eToro Club members will get a free Visa debit card as part of their accounts with no setup costs or monthly fees. Non-club members will have access to an eToro Money sort code and personal account number that will allow them to send and receive funds through the eToro platform and any U.K. bank account. There is no conversion fee for USD.
“I’m proud and excited that eToro Money is now available to all of our U.K. users,” said Doron Rosenblum, vice president of business solutions at eToro, said in the company announcement.
“We know from our beta testing that eToro Money greatly improves our user experience, providing instant cash in and cash out,” he said. “We look forward to adding more features to the eToro offering and to expanding the user base beyond the U.K.”
To promote the launch of the eToro Visa debit card, eToro Money is offering 3% cash back on all purchases made using the eToro Money card during the month of December.
In June, Yoni Assia, eToro’s CEO, said more regulations and oversight are likely to be levied at the cryptocurrency industry.
With the new interest in crypto as it goes more into the mainstream, “we should expect also regulators to carefully look at this growing business of retail investors in the crypto markets,” he said at the time. Regulators should also make sure they know what they’re talking about when it comes to crypto, said Assia.
The calls for more crypto regulation come as its value has soared this year, topping more than $1.5 trillion globally and attracting interest from investors of all skill levels.
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