It is not a secret that the crypto industry has the potential to solve some of the issues connected with fiat currencies. A Swiss crypto startup called Eidoo collaborated with Contis to create a new Visa crypto debit card. Importantly, Contis is a principal member of Visa Europe and it holds a U.K. e-money license.
Moreover, Visa approved the entre flow of Contis-led card issuance and crypto-to-fiat conversion. People should take into account that crypto-to-fiat-conversion involves regulated stablecoins issued by Moneyfold, which is a U.K. based financial services firm focused on fiat-pegged stablecoins.
Importantly, Contis acts as the issuer of the Eidoo Card. Moneyfold’s Ethereum-based stablecoins Moneyfold Euro as well as Moneyfold GBP will offer a high degree of decentralization.
This is not the end of the story, as they will offer transparency in the process of converting between crypto and fiat.
Potential users of Eidoo Card should take into account that, they need to stake or burn Eidoo’s native EDO token. The user must burn 100 EDO tokens or stake 25,000 depending on the plan.
Eidoo Card and crypto industry
Unfortunately, it is not easy to use cryptocurrency as retailers prefer to deal with cryptocurrencies due to crypto’s volatility.
However, thanks to Eidoo Card owners of various cryptocurrencies including Bitcoin will be able to pay for various goods and services.
This card will make life easier for people who would like to use cryptocurrencies on a daily basis. As mentioned above, Eidoo introduced a new Visa debit card. Also, the so-called Eidoo Card uses regulated stablecoins for a crypto-to-fiat transaction.
The payment giant Visa approved the Eidoo Card. As a result, Visa merchants will be able to accept crypto-derived fiat currencies including British Pound and Euro. Moreover, other companies should work harder to create similar products to support this industry.