Eidoo, a decentralized finance (DeFi) platform, has announced its partnership with Contis, a principal member of Visa Europe, to launch a Visa-enabled crypto debit card.
The company is targeting the users in the United Kingdom and Europe with its debit card and thus will add support for pound and euro.
Along with the two cryptocurrencies – Bitcoin and Ethereum – Eidoo’s card will allow the storage of fiat funds.
Commenting on the 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.”
The company told Finance Magnates that support for Visa gateway will be added to its previously added debit card, which is the final milestone of the company’s roadmap.
Bringing the trust of decentralized platforms
Unlike other crypto debit card issuers, Eidoo is following a decentralized approach to gain the trust of its customers. The platform is connecting its cards to its non-custodial Eidoo crypto wallet, giving full control to the users.
The Eidoo Card will also utilize smart contract-based atomic swaps and stablecoins issued by UK financial firm Moneyfold for transaction monitoring.
“There are many crypto cards, but very few DeFi cards. Cards like Monolith and Plutus – the only other truly DeFi, non-custodial cards – are also powered by the VISA network but (as far as I know) are not backed by regulated financial services firms,” Bertani told Finance Magnates.
“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.”
The company is planning to ship the cards in a phased manner based on the tiers and will start the shipping as early as this summer.
Meanwhile, the demand for crypto debit cards is increasing and many established companies are now offering such services.
Earlier this year, Binance launched its own debit card directly liking its crypto wallet to it. Other exchanges like BTSE also offer such crypto-fiat cards.
South Korean electronics maker Samsung recently partnered with Swipe to add its crypto debit card support on Samsung Pay.
“Our backend uses regulated stablecoins and atomic swaps, an important technical difference. I can’t comment on whether Binance Card will offer the same decentralized approach,” Bertani added.