Gone are the days when online fiat payment processors and digital wallets were viewed as something new and innovative. By now, most people are used to shopping online, especially in developed countries. The current payment processors are well-established and they’ve gained the public’s trust.
They’ve done something groundbreaking and that’s to take shoppers online and allow for online buying and selling of goods and services. However, could they have done it better and could it be done better? For starters, let’s take a look at the current problems.
The Pain Point
Sending and receiving funds through traditional fiat payment processors and digital wallets has become increasingly expensive. They’ve achieved a sort of oligopoly, where you have no other options. You either pay the fees or you don’t send or receive money online.
The introduction of cryptocurrency and blockchain technology revolutionized the financial sector and the way we send and receive money. Already you can send cryptocurrencies with minimal fees, amounting to less than a dollar (in the case of my previous example of $100). However, the problem cryptocurrencies have encountered is that they do not have enough practical use in our everyday lives.
Few merchants accept cryptocurrencies as payment, which makes it difficult to use from day-to-day. Swapping from crypto to fiat is not instantaneous as you need to first buy/sell your preferred currency and then withdraw funds from the exchange, which takes time and you incur fees throughout each step. Add to that the fact that people are not entirely familiar with the concept, and it becomes clear why mass adoption still isn’t a thing.
Introducing Eidoo Card
For the reasons mentioned above, Eidoo aims to support this industry and help provide the means and tools for it to prosper. By providing support, they aim to help cryptocurrency and blockchain reach as many people as possible and aid in the mass adoption process. So, how exactly do they plan on doing that?
“Eidoo developed the Eidoo Card – a debit card that allows you to seamlessly connect your Euro (EUR) and British Pound (GBP) fiat accounts to your cryptocurrencies wallet. The Eidoo wallet supports a large variety of crypto assets, including Bitcoin, Ether and Eidoo’s own EDO token. All that is done using just one simple, intuitive app, available on Desktop, the App Store and Google Play Store. Download the apps to pre-order your Eidoo Card. As you can see, the app is multi-platform, so you can access your funds no matter where you are.”
Unfortunately, at the moment, this offer is only available for users from the EU and Great Britain, so keep that in mind. The readers from other parts of the world should keep an eye on this project as I’m sure the company will want to expand later on. In order for them to issue you your card, you’ll need to complete their in-app KYC process which is required by regulators. After you’ve been verified once, you won’t have to do it ever again, even if you order more cards.
Once you get the Eidoo Card, swapping between cryptocurrencies such as Bitcoin, Ether and EDO is as easy as pressing a button. Eidoo Card allows you to withdraw from ATMs, pay online, in-person, contactless. All in all, it’s as easy as using an ordinary debit card, but it allows its users to utilize the speed and power of cryptocurrency and blockchain technology. It’s precisely the bridge we need between the current two systems. You get the low fees and quick and easy transactions that cryptocurrencies provide, along with the mass adoption of fiat currencies. Put simply – you get the best of both worlds.
There are different account tiers available to Eidoo Card’s clients. Each tier has its own perks and rewards, as well as crypto cashback rewards that “pay” in EDO (token). The rewards aren’t locked and account holders are free to withdraw whenever they choose. Different account types are there to make sure every person can have a card that fits their individual needs.
In order for you to get a certain card, you’ll need to “burn” or “stake” a certain amount of EDO tokens. Burning tokens means that you essentially remove those tokens from the blockchain and they cease to exist. Staking means holding those tokens locked up for a certain period of time, which is in this case one year. It’s done in order to provide support for the operation of the blockchain network. After the period of time has passed you are free to use or withdraw those tokens. Essentially, you’re not paying anything, as you’ll get your tokens back. Think of it as just loaning without interest.
Take a look at the breakdown below for more information about the different Eidoo Card account tiers.
– No annual, ATM withdrawal or purchase fees
– No annual, ATM withdrawal or purchase fees
It’s worth noting that if you pre-order the cards, you can double your cashback, so for those of you interested in the offer, pre-order sounds like the way to go.
Eidoo – The Company Behind the Project
Eidoo was founded in 2017 through an ICO campaign that managed to raise over 20 million dollars. Their app has been downloaded over five hundred thousand times during this period, and spanning over 25 countries. The company is based in Switzerland and is dedicated to bringing the world of DeFi (decentralized finance) closer to people. They acknowledge that every person has a right to transparent and secure control of their financial assets.
Thomas Bertani, the Director of the company, was recently featured on Advancements TV, a show which airs on none other than CNBC – one of the leading financial news outlets. He talked about the disruptive effect blockchain technology is having on the financial sector.
“Decentralized finance is a new movement where blockchain is being used to provide new powerful tools in a system which is public, transparent and accessible to anyone. These technologies can reinvent finance from its foundations,” were his words on the show.
EDO – The Token Behind It All
Now that we’re up to speed on the cards, it’s important to also talk about the EDO token behind it all. As we all know, a company or project Is only worth as much as its stock or, in this case, a token. We all know a lot of ambitious projects get launched daily, only never to prosper.
However, that’s not the case with EDO and the Eidoo Card. EDO is a well-known token in the cryptocurrency circles and it’s listed on the world’s largest and most trusted exchanges, such as:
As most of you probably know, only the best tokens get listed on these prime exchanges, so that definitely says something about the token. These exchanges have tons of filters and requirements that need to be met, so the fact that EDO is listed on there is reassuring.
The Referral Program
For those of you with an online presence or simply with friends interested in crypto, there’s a way to get the Eidoo Card completely free. All you have to do is invite some people and depending on the number you’ll receive a card. Take a look at the breakdown below:
So, as you can see, being part of the community definitely pays off and that’s exactly Eidoo’s goal – to grow the cryptocurrency community and drive the push towards mass-adoption.
To sum up this article, this new addition from Eidoo should definitely spark some interest within the cryptocurrency community. The prospect of a crypto debit card isn’t anything new, but the fact that the idea is backed by a well-established token and company is reassuring. All the cashbacks are definitely enticing, and the fact that you’re free to withdraw it is a plus.
If it gets the exposure it needs, it could also mean more people turning to cryptocurrencies due to the lower fees and faster transactions. In any case, it’s definitely worth checking out if you’re from the UK or EU.
This is a sponsored post. This article is for informational purposes only.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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