The new Visa crypto debit from Eidoo and Contis will allow Bitcoin and Ethereum investors to spend their holdings at 40 different merchant locations across the U.K. and Europe by using Moneyfold’s stablecoin facility for crypto-to-fiat conversions.
The Swiss-based Decentralized Finance (DeFi) platform Eidoo has recently announced its new Visa-enabled crypto debit card in partnership with Contis, a principal member of Visa Europe. This is a major step by Eidoo towards establishing a bridge between traditional finance and digital assets.
Although cryptocurrencies have come to the mainstream financial markets, they aren’t easy to spend in day-to-day life. Moreover, due to its massive volatility, users prefer to stay away from it. The visa debit card from Eidoo will facilitate the use of stablecoins fro crypto-to-fiat conversions. U.K.-based financial services firm Moneyfold will issue the regulated stablecoins.
With its new Visa debit card, the company is targeting more users from the UK and Europe and will add support for Pound and Euro. The Eidoo Card has also received support from Visa for this project. Reportedly, this card will allow 40 million merchants to enable crypto-derived fiat payments. In addition to storing Bitcoin and Ethereum, the Eidoo card will also facilitate the storage of fiat funds. Commenting on this development, Thomas Bertani, CEO of Eidoo, said:
“Everyone is anticipating the mainstream adoption of cryptocurrencies, yet there are few solutions which make these digital currencies practical or useful in our daily lives. We know the key is to bring together the worlds of traditional and decentralized finance; the Eidoo Card is that bridge between these two worlds”.
As mentioned earlier, Eidoo has partnered with Visa-Europe’s principal partner Contis. Besides, Contis also holds the e-money license for the U.K. The Eidoo CEO said that since Contis was onboard, Visa has approved the entire flow of Contis-led card issuance.
What Visa Crypto Card from Eidoo and Contis Will Offer
With its Visa crypto debit cards, Eidoo will adopt a decentralized approach while gaining the trust of its customers. To give full access to its users, the platform will connect its card to the non-custodial Eidoo crypto wallet.
Moneyfold offers Ethereum-based stablecoins like the Moneyfold Euro and Moneyfold GBP. Thus, these stablecoins will unlock more transparency and decentralization while converting crypto to fiat. Along with the stablecoins, the Eidoo Card will also use Ethereum-based smart contracts atomic swaps. Explaining this process, the Eidoo CEO said:
“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 topped up with a 1:1 exchange rate (1 Moneyfold EUR = 1 EUR) on the crypto card when the payment occurs.”
Speaking to Finance Magnates, Bertani further added:
“Eidoo Card is non-custodial and designed so users maintain full control over their crypto at all times. It’s designed for the DeFi economy and with financial autonomy built-in. We also want to ensure Eidoo Card offers an unparalleled crypto experience, making it even more accessible, enjoyable, and global.”
Eidoo has said that the company will start shipping as early as this summer. Based on the tiers, the company will start shipping the cards in a phased manner. Big tech companies like Samsung have also partnered with Swipe to add its crypto debit card to its own digital payments platform Samsung Pay.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.