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VISA Approves New Crypto Debit Cards

26 May 2020 18:06, UTC
VISA Approves New Crypto Debit Cards
By Anna Martynova

Cryptocurrencies are not suitable enough to use in everyday life, mainly because retailers prefer to stay away from their volatility. To build the so-called bridge between traditional finance and digital assets, Swiss startup Eidoo introduced the new Visa crypto debit card, which uses regulated stablecoins to convert crypto to fiat.

The payment service giant Visa has approved the Eidoo Card project: the new card will allow 40 mln merchants to accept cryptocurrencies and fiat. Eidoo CEO Thomas BERTANI said that Visa has approved the entire process of issuing cards operated by Contis, as well as the conversion of cryptocurrencies using regulated stablecoins issued by Moneyfold. This means that Contis acts as the issuer of the Eidoo card, similar to how other crypto cards, for example, Monolith, work. The stablecoins on Ethereum basis Moneyfold Euro and Moneyfold GBP are expected to provide a high degree of decentralization and transparency in the process of converting crypto and fiat.

According to Bertani, users have already pre-ordered more than 2,700 cards, and today more than 3 mln EDO tokens have been raised. To pre-order an Eidoo Card, one must stake or burn a certain number of EDO tokens.

Image courtesy of Leap Rate



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