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Visa approves new DeFi-enabled cryptocurrency card in the EU and UK

May 26, 2020

Cryptocurrencies like Bitcoin (BTC) are not easy to spend in everyday life, especially because retailers prefer to stay away from volatility. cryptocurrencies to bridge traditional finance and emerging assets like Bitcoin, A Swiss startup called Eidoo has launched a new Visa debit card that uses regulated stablecoins to convert crypto to Fiat.

The so-called Eidoo card was approved for operation by the payment giant Visa. With the announcement of the news on May 25th Eidoo told Cointelegraph that its new card will allow 40 million Visa merchants to accept fiat currencies derived from cryptocurrencies.including sterling (GBP) and euro (EUR).

The CEO of Eidoo, Thomas Bertani said this latest visa approval is part of Eidoo’s partnership with Contis, a leading member of Visa Europe and a UK e-money license holder.. Bertani He said Visa had approved the entire flow of Contis-led cards and the conversion of crypto to Fiat using Moneyfold regulated stablecoins., a UK-based financial services company that focuses on stable coins tied to fiat money.

Visa approves new DeFi-enabled cryptocurrency card in the EU and UK
Visa approves new DeFi-enabled cryptocurrency card in the EU and UK

This means that Contis acts as the issuer of the Eidoo card, much like other cryptocurrency cards like Monolith.. The Ethereum-based stablecoins from Moneyfold, Moneyfold Euro and Moneyfold GBP are intended to offer a higher degree of decentralization and transparency in the conversion process between Crypto and Fiat.

Bertani explained the process:

“People have a token, they sell it for the stable coin via a decentralized DeFi exchange (DEX) like Uniswap. Then the regulated stable coin received from there is completed with a 1: 1 exchange rate (1 moneyfold EUR = 1) EUR) on the cryptocurrency card when payment is made. “

Nikola Tchouparov, co-founder and CEO of Moneyfold, emphasized the unique stable Bitcoin-based nature of the Eidoo crypto debit card. “It will be the first time that a crypto card backend will be created across stablecoins and DEXes,” said Tchouparov.

To reserve an Eidoo card, users have to use or burn the EDO token based in Eidoo. Depending on the planFor an Eidoo card, the user must burn 100 EDO tokens or set 25,000. At press time, EDO is quoted at $ 0.26 based on Coin360 data. According to Bertani, users have already reserved more than 2,700 cards, and more than 3 million EDO tokens have been used to date.

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