Visa Greenlights New Crypto Card in Europe and UK
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May 26, 2020

Swiss crypto startup Eidoo has just unveiled it has partnered with Visa to roll out a crypto debit card, Finance Magnates has reported.

The Eidoo Card has been officially approved by Visa after Eidoo has partnered with Contis, a principal member of Visa Europe.

According to the announcement that was made yesterday, the new card will enable 40 million Visa merchants to accept crypto-derived fiat currencies, including the pound sterling (GBP) and the euro (EUR).

Eidoo CEO Thomas Bertani has said:

"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. 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."

Unlike other crypto debit card issuers, Eidoo follows a decentralized approach to gain the trust of users. Thus, the platform connects its cards to its non-custodial Eidoo wallet, which provides full control to users.

Bertani has reported Visa has given the green light to the whole issuance flow of Contis cards, as well as to the crypto-fiat conversion involving regulated stablecoins issued by Moneyfold, a UK-based financial services company focused on stablecoins.

This means Contis acts as the issuer of the Eidoo Card, just like other crypto cards such as Monolith operate. In the meantime, Moneyfold’s Ethereum-based stablecoins (Moneyfold Euro and Moneyfold GBP) will provide a higher degree of decentralization and transparency in the conversion between crypto and fiat currencies.

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