DeFi Startup Eidoo Partners With Contis To Launch Visa Crypto Card For EU, and UK Users
Eidoo, a Swiss-based Defi startup has partnered with Europe’s principal Visa member Contis to offer Visa crypto debit cards in Europe and the United Kingdom.
The new Visa crypto debit card would support Bitcoin and Ethereum while utilizing regulated stablecoins to offer crypto-to-fiat conversion to negate the volatility factor associated with crypto assets. The card would also allow for the storage of fiat and, since it would be targeting the customers of the UK and Europe, the card would support pound and euro.
Did you hear…
Eidoo Card will be powered by the global #VISA network!
— Eidoo [Non-giver of ETH or other crypto] (@eidoo_io) May 25, 2020
Eidoo got the nod from Visa for issuing crypto debit cards on May 25th, allowing for almost 40 million Visa merchants to accept crypto in the form of stablecoins and derived fiat currencies.
Contis, the principal European Visa member, played a key role in enabling the crypto debit card as it holds the e-money license. The firm would also be responsible for the issuance of these non-custodial crypto debit cards where the users would have complete control over there crypto assets, as these cards would be connected to non-custodial Eidoo wallets. 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.”
How Would the Non-Custodial Crypto Debit Card Work?
The issuance of cards as well as crypto-to-fiat conversion would be handled by Contis, while Eidoo would look into offering decentralized wallet support.
While there are many crypto visa cards in the market, none are decentralized like the one being offered by Eidoo and Contis.
A user with their crypto-assets can convert it into a stablecoin using Defi exchanges such as Uniswap. The stablecoin obtained from the conversion of crypto can later be topped with a 1:1 exchange rate when the crypto card is used at a merchant’s shop.
A user would be required to either stake or burn Eidoo’s native EDO token in order to pre-order the Eidoo crypto debit card. At present, a user is required to burn at least 100 EDO tokens or stake 2500 to pre-order the card. The firm is planning to ship the card orders in a phased manner, the first batch of which would be shipped this summer.