Eidoo’s non-custodial card is targeted for millions of Visa users in the UK and Europe
Decentralised finance (DeFi) platform, Eidoo, has announced the launch of a Visa-enabled crypto debit card that the company says will bring crypto payments to millions of users in the UK and Europe.
The announcement follows a partnership between Eidoo and Contis, a principal member of Visa Europe, as well as a UK-regulated e-money license holder.
Eidoo card is designed to bridge the gap between the world of traditional and decentralised finance, which the startup’s CEO, Thomas Bertani, noted is what could drive the adoption of cryptocurrencies for payments and transactions.
The company also plans to add Visa support for its earlier version of the debit card.
Contis will help in overseeing the DeFi card’s issuance, undertake crypto-to-fiat conversion and processing, and work to integrate stablecoins from UK-regulated financial services provider Moneyfold.
“Eidoo Card is non-custodial and designed so users maintain full control over their crypto at all times,” Bertani said.
The startup will connect the card to its non-custodial crypto wallet to ensure users have full control over their funds. However, unlike most other crypto-enabled DeFi cards, Eidoo’s Visa-enabled card offers a unique advantage as it is “backed by regulated financial services firms.”
Bertani also gave a brief explanation of how the card will work:
“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.”
The new Eidoo debit cards will begin shipping this summer, with the company saying it has received over 2,700 pre-orders. To get one, users have to either stake or burn Eidoo’s native token EDO. According to the company, users have so far staked over 3 million of the token.
The launch of the Eidoo card adds to a growing list of platforms and firms offering crypto-enabled debit cards.
Apart from DeFi platforms like Monolith and Plutus, major crypto exchanges and mainstream companies have launched similar projects. Binance and BTSE have both launched crypto-fiat debit cards, while electronics giant Samsung and Swipe partnered to offer a crypto debit card for Samsung Pay users.