Switzerland-based blockchain startup Eidoo has chosen Visa as its card-issuing partner to allow cardholders to pay with Bitcoin at points of sale (POS) terminals using a debit card.
The partnership has introduced a new DeFi-enabled Visa crypto debit card that uses regulated stablecoins like Moneyfold for crypto-to-fiat conversion.
Visa has approved the new card named Eidoo Card, which will enable 40 million Visa merchants to accept crypto-derived fiat currencies, including British pound (GBP) and euro (EUR).
The latest proposition prompts retailers to accept Bitcoin payments despite the existing volatility in cryptocurrency.
In a statement, Eidoo CEO Thomas Bertani said: “Eidoo Card is non-custodial and designed so users maintain full control over their crypto at all times.
“It’s designed for the DeFi economy and with financial autonomy built-in.
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“We also want to ensure Eidoo Card offers an unparalleled crypto experience, making it even more accessible, enjoyable, and global.”
The new card is a result of Eidoo’s partnership with Contis, a principal member of Visa Europe and a holder of e-money licence in the UK.
Hence, the Visa-branded DeFi-enabled crypto debit card will be issued by Contis.
Earlier this month, Visa filed a patent application with the US Patent and Trademark Office (USPTO) to create a blockchain-based digital currency.