Eidoo Card by Moneyfold has announced the upcoming integration of a Loopring API that enables fast and free crypto transactions.
It will be the first Visa debit card powered by a non-custodial crypto wallet to integrate a Layer 2 solution to save its cardholders time and money.
The Eidoo wallet, which powers the Moneyfold’s Eidoo Card, is connected to the Ethereum network which is facing scalability issues that generate unusually high transaction (gas) fees due to network congestion.
This has a particularly negative impact on the DeFi projects that require frequent transactions of limited amounts.
The solution is to use a second layer that allows carrying out off-chain transactions that do not require gas.
Why has the Moneyfold’s Eidoo Card chosen Loopring?
The solution identified for Eidoo Card is the integration of a Loopring API, a new-generation, decentralized high-performance exchange and payment protocol focused on scalability.
This API uses zkRollup technology, a unique Loopring design capable of processing 3,000 transactions per second in cryptocurrencies. Transactions are performed completely off-chain, but with high levels of cryptographic security.
Therefore, to ensure that the user experience of the Eidoo Card remains comparable to that of traditional debit and crypto cards, most cryptocurrency conversion transactions will be processed via Loopring.
This way such transactions will not only be cheaper but also almost instantaneous.
The Eidoo Card is designed to offer the same speed and cost as crypto cards while remaining truly decentralized, transparent, secure and non-custodial.
The COO of the Loopring protocol, Jay Zhou, said.
“It’s fascinating to see Eidoo Card integrated Loopring zkRollup. To those saying about “gas fees are too high”, my answer to that is “More people should be accepting payments directly through zkRollup”. Seriously, scaling to 3000+ TPS for simple-payments applications is here, we just need to…use it”.
The Eidoo wallet allows users across Europe and the UK to easily convert their cryptocurrencies into euros or British pounds in real-time. Once converted, these funds are automatically uploaded to the Eidoo Card to be spent in shops, online, or to withdraw cash from ATMs.
Pre-orders for the Eidoo Card began in March 2020, with over 3.4 million PNT tokens already staked by users. To date, more than 3,000 cards have been ordered.