Swedish crypto payment startup Eidoo has launched its Visa crypto debit card in partnership with Contis, a principal member of Visa Europe. This means that Contis is the issuer of the new crypto debit card.
The Eidoo Visa card supports two cryptocurrencies – Bitcoin [BTC] and Ethereum [ETH] – in addition to two fiat currencies – Pound and the Euro. According to Eidoo, the new Visa debit card will connect to the startup’s Defi wallet allowing for seamless transactions between funds held on the non-custodial Eidoo wallet and the Visa cards. The card was launched on Monday as announced on Twitter, however, shipping will happen during the summer season.
Unlike some of the several crypto debit cards that are slowly saturating the crypto market, Eidoo touts its debit card as different in one fundamental way. According to Eidoo, the card users will have complete control of their assets since they will be held in their non-custodial wallet. The cards, as mentioned above will have a direct link to the wallet and the funds will be accessed straight from the wallet
. “Eidoo Card is non-custodial and designed so users maintain full control over their crypto at all times,” Eidoo’s CEO Thomas Bertani said. “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 Eidoo card also uses stablecoins to ensure smooth conversions between fiat and crypto. Specifically, the company integrates Moneyfold’s Ethereum-based stablecoins for both Euro and British Pound to settle in the respective fiat currencies.
“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,” Bertani explained.
The Eidoo card ships in three tiers – the Basic, VIP, and Black metal card. The features increase with upper tiers with the Black card shipping with all the features which include a “highly-curated card reward experience.”
There is a reward program that every card user gets signed on to once they apply for the card and a crypto cash-back system that will see card users receive rebates of between 0 and 1.5%, 1.5% and 3.25%, and 3.25% and 5% for the basic, VIP and Black card tiers respectively. Despite the card using a DeFi system, users will however, have to undergo mandatory KYC procedures.