2 million EDO tokens in staking thanks to Eidoo Cards
2 million EDO tokens in staking thanks to Eidoo Cards

2 million EDO tokens in staking thanks to Eidoo Cards

By 0301 Farm - 24 Apr 2020

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On March 13th, Eidoo announced its debit cards and today, after only a month, thanks to the pre-orders of the Eidoo Cards, 2 million EDO tokens have been put in staking.

Just 20 days ago, Eidoo announced that it had reached 1 million tokens in staking, which means that this figure has doubled in a very short time. All these tokens will be locked for 1 year. 

In total, though, due to other reasons reported in the whitepaper, 11 million tokens have been burned, so the supply has been significantly reduced compared to the 100 million EDO initially created in 2017.

Currently, 40 VIP and 5 Black cards have been pre-ordered, as well as 455 basic cards. By doing the math, 25 thousand tokens have been staked to order the VIP cards and 200 thousand tokens to order the Black ones.

Whereas as far as the Basic cards are concerned, only 100 EDO are burned for each card.

How does the Eidoo Card work?

Ordering the debit card is free: except for the Basic card, for which 100 EDO (at the current exchange rate it’s $12) are burned when the order is placed, in the case of VIP and Black cards the user must have EDO tokens which are put in staking, and without any cost for shipping the physical card.

When ordering, it is not necessary to carry out the KYC, but it will be necessary to do so when the card is received and the user wants to start using it.

For each type of card, there are different incentives. Besides the fact that it is one of the few debit cards available in Europe, each card allows a cashback and several free services such as Netflix, Spotify, etc…

For example, the VIP card offers a crypto cashback of up to 6.5% on all purchases; no annual fee, free Netflix for 1 year and a gift card on Lastminute.

0301 Farm

This article has been written by 0301 and the Grin Community of Amsterdam

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