Crypto debit card is an old idea, but there is not yet enough to satisfy users. Another company – Eidoo is making an attempt to this solution in cooperation with Visa.
What are the cryptocurrency debit cards?
Crypto debit cards are almost exactly the same as the bank cards. They are happy middle ground for both investors and merchants alike. Payments with crypto card does not require the merchant to have any technology to accept crypto payments. They will also give users an easy opportunity to transfer their crypto money for everyday goods.
Crypto Cards instead of Credit Cards
Cryptocurrency cards are quite similar to conventional bank cards, used by millions of people every day. When payment giant like Visa or Mastercard would start to accept crypto payments it would break one of the biggest barriers widespread crypto adoption. After this, more and more people will start to use cryptocurrencies, because it will be more available and easy. What’s more, many exchanges offer only crypto-to-crypto trades. Crypto debit cards will enable payments without complex payment infrastructure. Also, there don’t need to manually convert crypto to fiat in every transaction.
Visa approves new Eidoo Card
Eidoo Card, a Swiss startup wants to build aAlso, there don’t need to manually convert crypto to fiat in every transaction. like Bitcoin and Ethereum. They want to start a collaboration with Visa with they crypto debit card which uses regulated stablecoins for crypto-to-fiat conversion. A new card will enable 40 million Visa merchants to accept crypto-derived fiat currencies. It will be a huge step for crypto.
Did you hear…— Eidoo [Non-giver of ETH or other crypto] (@eidoo_io) May 25, 2020
Eidoo Card will be powered by the global #VISA network!
Time to lock in the best #crypto #cashback and be rewarded when you spend around the world 💌#DeFiOnDemandhttps://t.co/yOLSwSJBcT pic.twitter.com/Jqw1MZYdK2
Eidoo CEO Thomas Bertani said that this latest approval by Visa is part of Eidoo’s partnership with Contis. Contis provides end-to-end banking and payments solutions, and a principal member of Visa Europe. This company is also a holder of a U.K e-money license. This license allows to support card transactions in this country. All transactions would be with MenyfoldEuro stablecoins.
Stablecoin how did it work?
People have a crypto token, which they can sell for stablecoin via DeFi. Then the regulated stablecoin is worth exactly this much like fiat money. This means that 1 Moneyfold EUR is worth 1 EUR. So when you use Moneyfold there are no complications or complicated transactions. Nikola Tchouparov, co-founder and CEO at Moneyfols said that with Eidoo it will be the first time the backend of the crypto card is done via stablecoins and DEXes.
It sounds like Eidoo will be a really good bridge for crypto and fiat money. Using this card users will be able to pay for everything with crypto, and it will be easy-to-use. They will be also accepted in every shop with accept card transactions, so they will be accessible for everybody.