New Partnership Allows Eidoo To Issue Crypto Debit Cards
New Partnership Allows Eidoo To Issue Crypto Debit Cards
According to the report, the Eidoo Card’s approval by Visa comes as part of the company’s partnership with Contis, a principal member of Visa Europe and holder of a U.K. e-money license. Aimed at users in the U.K. and Europe, the new card will enable Visa merchants to accept crypto-derived fiat currencies, such as the British Pound (GBP) and Euro (EUR).

Swiss DeFi platform Eidoo haspartnered with a principal member of Visa Europe to issue a crypto debit card directlyconnected to the platform’s wallet, the Finance Magnates reported on 25 May.

Thomas Bertani, the CEO of Eidoo, said in a statement:

“Eidoo Card is non-custodial and designed so users maintain fullcontrol over their crypto at all times. It’s designed for the DeFi economy andwith financial autonomy built-in. We also want to ensure Eidoo Card offers anunparalleled crypto experience, making it even more accessible, enjoyable, andglobal.”

Bertani has further said that Visa has also approved thecrypto-to-fiat conversion through smart contract-based atomic swaps, andregulated stablecoins issued by Moneyfold, a U.K.-based financial services firmfocused on fiat-pegged stablecoins. In order to gain the trust of itscustomers, Eidoo plans to connect its cards to its non-custodial Eidoo crypto wallet, givingfull control to the users.

Bertani explained the process:

“People have a given crypto token; they sell it for the stablecoinvia DeFiDEXes like Uniswap. Then the regulated stablecoin obtained from thereis topped up with a 1:1 exchange rate (1 Moneyfold EUR = 1 EUR) on the cryptocard when the payment occurs.”

In order to obtain the Eidoo Card, users will need to first stakeor burn the platform’s native token, EDO. The firm claims that around 2,700cards have already been pre-ordered, and that more than 3 million EDO tokenshave been staked to date.

The demand for crypto debit cards has been steadily increasing asof late, and many companies have started offering such services. Earlier thismonth, South Korean tech giant Samsung partnered with Swipe, enabling users todirectly connect their Swipe debit card to Samsung Pay, the mobile giant’spayment platform. Users of the Swipe Visa card can now make crypto payments inthe United Kingdom and the E.U. using their Samsung smartphones andsmartwatches.