Wirecard, a card issuer for cryptocurrency payment cards, has today filed for insolvency proceedings. This will affect cards such as Monaco Card by Crypto.com and other cards issued by Wirecard.
This does not impact the Eidoo Card in any way.
The Eidoo Card is issued by Contis Financial Services, a principal member of Visa, and in partnership with Moneyfold Ltd.
We offer our sympathies to all existing and prospective cardholders who may be affected and concerned by this news.
This unprecedented event is an opportunity for crypto card projects, including Eidoo, to rethink and assess how we can offer true autonomy to our users.
The Eidoo Card is linked to a user’s non-custodial Eidoo wallet, designed so you maintain full control over your funds at all times. On our backend, Eidoo Card uses regulated stablecoins by Moneyfold and atomic swaps to ensure the process is as decentralized as possible. Eidoo never holds your funds – you hold your own funds.
Other cards are over-reliant on centralized processes, storing user’s crypto in their company owned hot and cold wallets, and “keep[ing] fiat currency of customers in custodian bank accounts“
Crypto.com has issued this statement on Twitter:
“To all our card customers: your fiat funds are safe and guaranteed by Crypto.com — in case any of the services provided by Wirecard are disrupted, you will receive a fast 100% credit back to your crypto wallet.”
While there are many crypto cards, there are very few true DeFi cards. With a DeFi card like the Eidoo Card, your funds are always in your wallet. Neither the card issuer, nor Eidoo ever have access to your funds, so there will be no need to wait on your card issuer for anything. If things go wrong, there is no need to wait for 100% credit back. Instead, you have 100% control.
Please reach out to us if you have any questions.
– Team Eidoo
About Eidoo Card
The Eidoo Card enables European and British users to easily convert their Bitcoin or Ether into Euros or Pounds in real-time. Users can then load the Eidoo Card with these funds to start spending straight away in stores, online, or even withdraw cash from ATMs.
In true DeFi fashion, users must burn or stake tokens to pre-order their Eidoo Card. Over 3 million tokens have already been staked by users claiming cards, with almost 3000 cards already ordered.
Please note Eidoo Card orders are currently paused to accommodate a system upgrade.
What makes Eidoo Card different? DeFi meets global economy
With typical “crypto cards”, users must preload their funds onto the card which can sometimes take hours or days and incur costly fees. With Eidoo, the automated conversion takes place in-app – a seamless experience breaking down the typical barriers when paying with cryptocurrency.
Eidoo Card offers Basic, VIP and Black accounts, making cryptocurrency easily usable and practical in day-to-day life for any level of hodler. They will ship in Summer 2020.
- No annual, ATM or purchase fees across Europe or the UK
- Up to 5% crypto cashback on qualifying purchases (refer friends to double your cashback amount)
- Stake more to increase your cashback % and unlock account upgrades
- Comes with the most advanced card rewards program industry-wide. VIP and Black cards unlock exclusive benefits like airport lounge memberships, flight and hotel gift cards, streaming services like Netflix and Spotify for when you need to unwind and even access to private jet programs.
- Link Google Pay or Samsung Pay to your card.
- An eidooSWAP discount
- A referral program which earns you a free card or card account upgrade
We’re not just a crypto wallet launching another debit card. We first built an entire platform that allows you to discover new DeFi tools and tokens, buy and sell crypto, trade using our in-built DEX, earn interest on your digital assets through integrations with Aave, Compound and Chai, mint your own pBTC (Ethereum-compatible Bitcoin), participate in ICOs or IEOS – all through a single app. The Eidoo Card is powered by the global visa network, completing this DeFi Swiss army knife.