2019 has proven to be a very interesting year in the world of cryptocurrency as it has seen many milestones moments and developments across the board. These include Facebook‘s confirmation of their entry into the cryptocurrency industry, JP Morgan announcing that they will be launching their own token, China confirming their own central bank digital currency which is to launch next year and so on. 2019 can be remembered as one of the years in which institutional and regulatory attention turned heavily towards cryptocurrency and 2020 is shaping up to be a continuation of this upward trend.
One of the newest developments that are to come next year is from EToro, a multi-asset trading platform and social media network has announced that a debit card will be issued for their users in the second quarter of 2020.
Debit Card Debut
This news was first reported on December 9, 2019, and was later confirmed by EToro’s global head of PR & communications, Amy Butler, who declined to give any more details about the card launch other than the fact that it is coming next year. With this new card release, EToro’s 12 million users will be able to spend their tokens seamlessly via the debit card and while it will first launch in the UK, it is unknown whether or not the service will be available to users in other parts of the world.
This new product from EToror could also be looked at as a response to the growing demand for seamless access to cryptocurrency even outside the UK. From July 18 July 31, 2019, EToro conducted a survey among a thousand investors in the United States and found that particularly among the millennial crowd, 40 percent would rather invest in crypto in the event of a recession.
“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,” said Guy Hirsch, managing director of eToro U.S.