Eidoo Card integrates Loopring API

By The Very Confused Martin Babalor | Crypto Gigs | Airdrops | Earners | 20 Oct 2020

Good news for you lucky people that made thousand $ in Loopring here on Publish0x ;)

Despite struggling lately on the market, with the price slowly decreasing, the DeFi project is healthy and developing good partnership in the crypto world.

Eidoo Card 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 make transactions cheaper and quicker. This development was a consequence of Ethereum blockchain scalability issues, which makes smaller and frequent transaction hard to manage, for both small investors and companies.

Press Release

The Eidoo wallet enables users across Europe and the UK to easily convert their cryptocurrency into Euros or Pounds in real-time. After which, these fiat funds are automatically loaded onto the Eidoo Card to instantly start spending in stores, online, or even withdraw cash from ATMs.

Eidoo Card is connected to the Ethereum network, a popular blockchain which hosts the majority of decentralized finance (DeFi) applications today. Due to its exponential growth Ethereum faces scalability issues and has been experiencing uncharacteristically high transaction (gas) fees due to this network congestion. A large pool of unprocessed transactions have slowed down the whole network, which is a challenge for DeFi projects like Eidoo Card that require frequent and smaller kinds of transactions.

To overcome this network congestion, the Eidoo Card is integrating an API by Loopring, a next-generation high-performance decentralized exchange and payment protocol focused on scalability.

Loopring’s uniquely designed zkRollup technology can process three thousand cryptocurrency transactions per second. The transactions are made completely “off-chain” but benefit from high levels of cryptographic security thanks to this Layer 2 solution.

To ensure the Eidoo Card experience remains comparable to traditional debit cards and crypto debit cards, the majority of cardholders’ crypto conversion transactions will be processed through Loopring. Because they are not immediately included on the Ethereum mainnet , this will make these transactions almost instant and a fraction of the cost of Ethereum’s mainnet network fees.