Visa launches cryptocurrency debit card

Hand in hand with Eidoo, the payment processor introduced a new system that allows the use of regulated stablecoins as fiat money

Payment processor Visa, together with the Swiss startup Eidoo, presented the new debit card that uses regulated stablecoins for the conversion to fiat money in purchases.

This is how the Eidoo Card, approved by the world’s payment giant, will now allow at least 40 million Visa merchants to accept fiat money that comes directly from digital assets.

Thomas Bertani, general manager of Eidoo, noted that this approval by the payment processor came from its relationship with Contis, a leading member of Visa Europe and holder of an electronic money license in the UK.

The CEO assured that Visa approved the entire flow of Contis-led cards issuance, as well as the crypto-to-fiat conversion using regulated stablecoins issued by Moneyfold, a UK-based financial services company focused on stablecoins tied to fiat money.

This means that Contis acts as the issuer of the Eidoo Card, similar to how other cryptocurrency cards like Monolith operate. Meanwhile, Moneyfold’s Ethereum-based stablecoins, Moneyfold Euro and Moneyfold GBP, are planning to offer a greater degree of decentralization and transparency in the conversion process between crypto and fiat.

K. Tovar

Source: Cointelegraph

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