Swiss decentralized finance (DeFi) platform Eidoo in partnership with Contis is going to launch a Visa-enabled crypto debit card.
According to the announcement, the new Eidoo debit card will bridge the gap between traditional finance and digital assets like Bitcoin. Also, the new card will allow over 40 million Visa merchants to accept crypto-derived fiat currencies directly from clients.
Did you hear…
Eidoo Card will be powered by the global #VISA network!
Time to lock in the best #crypto #cashback and be rewarded when you spend around the world 💌#DeFiOnDemandhttps://t.co/yOLSwSJBcT pic.twitter.com/Jqw1MZYdK2
— Eidoo – Defi Wallet and Layer2 Debit Card (@eidoo_io) May 25, 2020
The firm also noted that it would target clients mainly in the United Kingdom and Europe with the new debit card, thus adding support for the Pound and Euro.
Thomas Bertani, Eidoo CEO said, “Eidoo Card is non-custodial and designed so users maintain full control over their crypto at all times.” He explained that the card was designed for the DeFi economy with built-in financial autonomy. According to him, the Eidoo Card would offer an incredible crypto experience for the users.
Contis backing the new card
Bertani noted that the new card had the backing of Contis. Notably, Contis is a principal member of Visa Europe, and also the owner of a UK e-money license.
The Eidoo CEO further revealed Visa had approved the outflow of Contis-backed card issuance. It would also involve crypto-to-fiat conversion with regulated stablecoins which the UK-based financial services firm, Moneyfold, had issued.
“People have a given crypto-token, they sell it for the stablecoin via DeFi DEXes like Uniswap. Then the regulated stablecoin obtained from there is top up with a 1:1 exchange rate (1 Moneyfold EUR = 1 EUR) on the crypto card when the payment occurs,” Bertani said.
To obtain the Eidoo Card, users will need to first stake or burn the platform’s native token, EDO. The firm noted that it had already registered a pre-order of around 2,700 cards with over 3 million EDO tokens having currently been staked.
Also, the company was planning to ship the cards in a phased manner. Based on the demand range, it would begin the shipping as soon as this summer.
Demand for crypto card increasing
It is pertinent to note that the demand for crypto debit cards has witnessed an immense increase. And many renowned companies are currently venturing into offering such services.
Recently, Binance came out with its own debit card. Others like BTSE, Coindeal, Crypto.com, etc also offer crypto-fiat cards.
Also, South Korean electronics maker Samsung recently partnered with Swipe to add its crypto debit card support on Samsung Pay. Currently, Swipe cardholders can make crypto payments in the UK and the EU using their Samsung smartphones and smartwatches.
In other news, recently, the start-up payment app, Fold joined Visa Fintech Fast Track program bringing Bitcoin rewards card for its users.