Spending BTC and ETH isn’t easy in everyday life, as many hodlers and merchants alike fear the volatility, but that is all be about to change.
Bitcoin and Ethereum hodlers in the U.K. and Europe will soon be able to spend their cryptocurrencies at 40 merchants across the continent, using Eidoo and Contis’ new crypto VISA card.
The VISA card will be making use of Moneyfold’s Ethereum-based stablecoins, Moneyfold Euro and GBP, and DEX technology, which will ensure a higher degree of decentralization and transparency is used in the fiat-crypto conversion.
DeFi, Crypto and VISA Coming Together
In what is seen as a major bridge between the crypto and legacy financial system, Swiss-based Decentralized Finance (DeFi) platform Eidoo partnered with VISA member Contis to make the crypto debit card a reality.
It’s a huge step forward for the utility of the two biggest cryptocurrencies and the DeFi space.
And although the volatility of both cryptocurrencies won’t ease for a while yet, Moneyfold’s stablecoin and DEX facilities will ensure merchants are getting the correct amount, and makes the uptake of the card a real probability.
With support from VISA, too, the debit card will enable access to more than 40 million crypto hodlers across Europe, and while they’ll all be able to spend their BTC and ETH, they will also be able to fund their cards with fiat.
Contis and Eidoo Bridging the Gap
Contis is a British-based financial company that offers a flexible, end-to-end platform, licences and technology that help bridge the gap between the crypto and legacy worlds for crypto companies like Eidoo.
Eidoo is the first DeFi company to be able to offer such a thing, but in order to get one, users need to stake or burn Eidoo’s native EDO token, and with more than 3 million EDO staked a pre-order of 2,700 cards shows the interest in the product.
Commenting on the launch of the so-called Eidoo card, Thomas Bertani, CEO of Eidoo, said the move was key to bringing the crypto and legacy financial worlds together.
‘Everyone is anticipating the mainstream adoption of cryptocurrencies, yet there are few solutions which make these digital currencies practical or useful in our daily lives,’ said Bertani. ‘We know the key is to bring together the worlds of traditional and decentralized finance. The Eidoo Card is that bridge between these two worlds.’
Eidoo has said that the company will start shipping as early as this summer, and ETH and BTC hodlers will be able to start using their Edoo card immediately.
It’s an interesting idea, and with the backend of a crypto card being powered via stablecoins and DEXes, added with the DeFi influence of Eidoo, it makes it a brand new concept.
What’s more, it rubbishes the notion that VISA is allergic to crypto companies. This deal shows us the payment giant is interested in crypto adoption, and maybe with a bit more clarity on the regulatory side we will begin to see more adoption like this.