Swiss decentralized finance (DeFi) platform Eidoo has teamed up with principal member of Visa Europe Contis to launch a new Visa crypto debit card for users in the United Kingdom and Europe.
Retailers usually try to stay away from cryptocurrencies such as bitcoin and their unpredictability. To bridge the gap between digital assets and traditional financing, the Swiss startup Eido a Visa crypto debit card with regulated stablecoins for crypto-fiat conversion.
Eidoo CEO Thomas Bertani commented:
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.
Eidoo’s card will be allow storage of two cryptocurrencies, Bitcoin and Ethereum, as well as fiat funds.
Contis as a principal member of Visa Europe and holder of a UK e-money license will act as the issuer of the Eidoo Card. The new card will utilize regulated stablecoins for crypto-to-fiat conversion from UK financial firm Moneyfold.
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.
Eidoo has adopted a decentralized approach for its Visa crypto debit card to gain the trust of its customers. Users will also have full with the non-custodial Eidoo crypto wallet connected to the platform.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.