Eidoo has announced the launch of EidooPay, a debit card linked to the Eidoo wallet that allows users full control of their digital assets.
Eidoo is a non-guardian wallet, thanks to the fact that seed and private keys are in the exclusive possession of the user. This way the user is never at risk of not being able to use their digital assets.
With normal crypto cards, the user has to preload their funds on the card, which can take time and charge fees.
The Eidoo card, on the other hand, is directly connected to the wallet, so there is no need to move the tokens in order to spend them.
In order to spend them with the card, they only have to be converted into pounds or euros, which then have to be uploaded to the card through the app.
Thanks to EidooPay you can then use your assets stored on the non-guardian wallet to pay in fiat currency.
In addition, the card is launched with a 10% cashback function, first in the crypto sector.
Technically, EidooPAY will connect the decentralized Eidoo wallet to a debit card, Eidoo Card, and offer up to 10% cashback on eligible purchases, calculated in EUR and issued in EDO tokens.
It will allow the conversion of BTC and ETH into pounds and euros to be spent in shops, or online shops, or to withdraw funds from ATMs.
More tokens will be added in the near future.
Currently, pre-orders have started for the new card, which will be available to UK and EU users and will be accepted as any other credit or debit card. It will also be available in three versions, Basic, VIP and Black.
Eidoo CEO Thomas Bertani said:
“Cryptocurrency continues to stream into the global economy, spreading the immeasurable benefits of decentralized finance even further. Yet holders of these digital assets still struggle to find meaningful and practical ways to spend their cryptocurrency in their daily lives.
We want the value of cryptocurrencies to transcend beyond the online realm so they make a real-world impact, helping to launch the next-generation of finance into the mainstream.”
To use Eidoo Card, users will need to stash, or burn, an amount of EDO tokens to pre-order the card and each of the three versions will require a different amount of tokens.