The crypto industry step-by-step became part of the modern world. However, it is not easy to spend cryptocurrencies such as Bitcoin to pay for various goods and services. Retailers prefer to deal with cryptocurrencies due to crypto’s volatility.
One crypto startup from Switzerland decided to make life easier for the people who would like to use cryptocurrencies on a daily basis. The name of this startup is Eidoo. Recently, this crypto startup introduced a new Visa crypto debit card. Interestingly, the so-called Eidoo Card uses regulated stablecoins for a crypto-to-fiat transaction.
It is worth noting that the payment giant Visa approved the Eidoo Card. Thanks to this decision, millions of Visa merchants will be able to accept crypto-derived fiat currencies, including British Pound and Euro.
Bitcoin, Eidoo Card and Contis
Interestingly, this startup from Switzerland worked with Contis. Thanks to their collaboration, Visa accepted the Eidoo Card. Notably, Contis is a principal member of Visa Europe and it holds a U.K. e-money license.
According to Eidoo’s CEO Thomas Bertani, Visa approved the entire flow of Contis-led card issuance and crypto-to-fiat conversion. Interestingly, crypto-to-fiat-conversion involves regulated stablecoins issued by Moneyfold. Moreover, Moneyfold is a U.K. based financial services firm focused on fiat-pegged stablecoins.
A principal member of Visa Europe acts as the issuer of the Eidoo Card. At the same time, Moneyfold’s Ethereum-based stablecoins Moneyfold Euro and Moneyfold GBP are going to offer a high degree of decentralization. Moreover, they will offer transparency in the process of converting between crypto and fiat.
However, people who would like to use Eidoo Card should take that into account; they need to stake or burn Eidoo’s native EDO token. Moreover, an Eidoo Card requires that the user burn 100 EDO tokens or stake 25,000, depending on the plan.
Last but not least, thanks to Eidoo, Card owners of various cryptocurrencies, including Bitcoin, will be able to use them on a regular basis.