KingSwap, a decentralised finance (DeFi) project based out of Singapore, has launched a limited edition Visa debit card. It uses a tier one bank and distributor Boundlesspay for payment processing and banking solutions.
The Visa launch marks KingSwap’s latest effort to make it easy for newcomers to enter the DeFi space. Cards are loaded with fiat rather than digital assets and all transactions are denominated in fiat currency.
The debit card entitles card holders to perks including high-yield rewards and users can purchase cryptocurrencies with low fees on the KingSwap platform. They’ll also gain access to benefits and products through KingSwap’s partnerships.
KingSwap’s Visa debit cards are limited in quantity, and available on a first-come, first-serve basis on completion of know your customer (KYC) verification and for those staking on the high-yield liquidity platform.
Four tiers of Visa debit cards will be released – firstly the King’s Royal Black Card, followed by the Queen Platinum Card, Royal Knight Gold Card and Blue Squire Card. To acquire a debit card in the King’s Card tier, users are required to stake a minimum of one King NFT, with an additional 1,000,000 $KING Tokens staked on the KingSwap decentralised exchange (DEX).
Queen Platinum Cards require a minimum stake of one Queen NFT and 100,000 $KING tokens. KingSwap’s Royal Knight Card and Blue Squire Card offer a lower entry point, allowing users to stake a small amount of $100-$500 and still see rewards, including one per cent back on all deposits.
KingSwap was founded by a team of experienced leaders in banking, finance, and crypto, including Dr. Anish Mohammed, who has advised and worked for companies including HSBC, Lloyds, and Zurich, and was an early advisor to Ripple and Ocean Protocol. Others on board include Dunstan Teo, chief architect of the Fido Protocol and president of Sanctum Pte Ltd, and Ho Chin Shin, who previously worked as a director at Standard Chartered Bank and Japanese invesment bank Nomura.
Prior to its public launch in October 2020, venture capital firms and cryptocurrency investors participated in a private fundraising round, raising more than $20million in funding and liquidity support. KingSwap’s backers include Plutus VC, Hashstreet VC, Alpha Sigma Capital, Tradecraft Capital and 7CC.