With a view of filling the gap between conventional finance and emerging digital assets such as Bitcoin, a Swiss crypto firm called Eidoo has unveiled a new Visa crypto debit card that utilizes regulated stablecoins for crypto-to-fiat exchange.
Notably, credit card provider Visa has approved Eidoo Card. While revealing the info, Eidoo stated that its latest card will pave way for 40 million Visa vendors to accept crypto-based fiat payments, including the euro (EUR) and pound (GBP).
Eidoo CEO Thomas Bertani stated that this recent acceptance by Visa is a portion of Eidoo’s collaboration with Conti, the UK e-money licensee and key member of Visa Europe.
Bertani stated that Visa had approved the total process of Contis headed card disbursement and also crypto-fiat exchange consisting of regulated stablecoins issued by Moneyfold, the UK-based financial services company centered on fiat-pegged stablecoins.
This implies Contis performs the function of issuer of the Eidoo Card, paralleling other cryptocurrency cards like Monolith. In the meanwhile, Moneyfold’s Ethereum based stablecoins – Moneyfold GBP and Moneyfold Euro – are intended to unlock a greater degree of decentralization and openness in the routine of exchanging crypto to fiat currency.
Bertani explained the process:
“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.”
Nikola Tchouparov, co-founder and CEO at Moneyfold, stressed the distinct stablecoin-based characteristic of Eidoo’s crypto debit card. Tchouparov stated “It will be the first time the backend of a crypto card is done via stablecoins and DEXes.”
In an attempt to preorder an Eidoo Card, users may have to burn or stake Eidoo’s native crypto (EDO token). On the basis of plan, an Eidoo Card necessitates the user to stake 25,000 or burn 100 EDO tokens. At the time of writing of writing this article EDO was trading at $0.25 as per data provided by Coin360.
Bertani states that users have already pre-ordered over 2,700 cards, with over 3 million EDO tokens staked as of date.