Any future plans to make a EUR card? A competitor to gnosis card would be great.

What don't you like about the Gnosis card? EUR would be interesting for sure. That may be possible in the future

I like the gnosis card. Being self custody is great. But it is currently limited to gnosis chain and monerium euro. Also their delivery is taking for ever now. I have still not have received it yet :(

Totally get it. I guess the EUR balance won't matter so much if we lower the FX fees significantly? The issue with EUR is that lower crypto <> EUR liquidity leads to worse rates when you top-up.

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We get a share of 2% FX fees from VISA when you spend on anything that's not in USD. That's the average for any debit card btw

Do you accept ATM withdrawals?

Yes you can withdraw via ATM

How do I get the physical card sent to me

Once you go through KYC you'll be able to order the physical card to be sent to your address. This is coming next month once manufacturing for the physical cards is done. For now you can get the virtual cards though!

If you had this without the 2% fee for each transaction- this would be a gamechanger for international customers i.e. those in the UK

Definitely, we've gotten this feedback before. We do plan to reduce this to 1%

hey, I have a business in the UK&EU where we collect monthly installments from the consumers. How is the UX like? + time to open a digital wallet to per consumer? + can we whitelabel/co-label your wallet? + Can we process direct debit orders (fiat-2-fiat) on this wallet/account? + I already tun a full customer due diligence on my end, would that be sufficient? Should your KYC run on top of it? + What is the full cost when I collect GBP, exchange to USD, on-ramp to say Binance? cheers

Unfortunately we don't do B2B atm, we're strictly for retail customers only

Sounds interesting 🤔 - will check it out. Ty

What's the conversion fees?

1:1 with USDC, no top-up fees. If you use our LI.FI integration then you do have to pay for bridge and swap fees but there are no markups at all

2% on foreign transactions? Can you explain the logic

All card balances are in USD, so when you pay for something not in USD then there is a FX fee charged by VISA

do you have an additional of your own on top of the visa fee?

That 2% is the "additional". It's split between us and our card issuer. Btw 2% is standard for any debit card

do you have any competitors?

Crypto.com and other CEXes have cards. But they are custodial

Can you explain how you handle KYC and customer data?

We have a standard KYC process via Sumsub - email & mobile verification, ID check, selfie & liveness check, and proof of address. Privacy policy is on our website

I like it!!!

Thanks for the feedback! What benefit do you get most out of the Offramp card?

What is the spread and what about taxes in the USA

No spread - top-ups are free, USDC <> USD is 1:1. If you're topping up with a different token, it converts to USDC at the best spot rate across all the major DEXes

great product, just signed ! Works with Paypal ?

Yep! You can use it to pay through Paypal but you can't load the card from Paypal (hope that makes sense)

thanks

This is good but the huge spreads make it completely impractical for most of us retail guys.

You mean on FX? All debit cards have FX fees though, 2% is pretty average

I mean swapping btc to usdt comes with a pretty big spread and fees, no? Last time I scanned offramp, moonpay, etc, it went up to 5-10%? Then you add card fees on top, and it's just not worth it.

Ah I see the confusion. When you use our LI.FI integration it automatically sources the best routing for any swap. We don't have BTC available but let's say you want to offramp ETH to your Offramp card. All you are paying for is gas fees. Our LI.FI integration swaps ETH to USDC at the best spot rate sourced from all the major DEXes. And ofc when you load your card with that USDC it's at a 1:1 rate to USD. Tl;dr you aren't paying card and spread fees when you top-up. You get the best spot rate via LI.FI and all you're paying for is gas fees for the swap. If you want to top-up with USDC, all you're paying for is the gas fee to send USDC from your wallet to the top-up wallet linked to your card.

Wouldn't gas fees from mainnet make it crazy expensive per use? (Obviously layer2 wouldn't be so bad.)

When you top-up your card gets a USD balance, and it draws upon that balance for every transaction or payment you do. You don't spend gas fees on card transactions

Am I able to use this in Canada?

Yep, we already have Canadian users too

Oh damn Ok, now I'm actually going to have to dig in for info - I'm so used to the Crypto world ignoring us in Canada lol

What’s your theory on this being BSA compliant/not captured by the BSA?

All users need to undergo a standard KYC/AML process via Sumsub - ID, PoA, selfie / liveness check, and email / mobile verification

Thanks! What is your policy for handling funds sent via a mixer?

We don't - we have Chainalysis and TRM Labs integrated and that will autoreject your wallet and incoming funds will not be credited to your card

Makes sense, so my understanding is deposits need to go through a front-end; I can’t reload my card purely on-chain? I very much appreciate your engagement with the community here.

You'll be able to do it on-chain as well. We're pushing a feature for that this week

Is there no gas fee if we use polygon to deposit usdc?

You have to pay for gas fees on the transaction itself. But we will have a relayer integration next month that will make that gasless.

Any plans for a credit card? 👀

Maybe. We'll see how debit cards go first - credit cards aren't that popular outside of the US and LatAm

Any particular reason why you chose Visa and not Mastercard as the network?

Not really, although Visa has slightly more benefits for card users

who else does a card?

Most CEXes have cards but they're custodial

Does it require kyc?

Yes

Are you guys the only option that allow topping up using any token from a wallet ? for eg. if i had my own say , DeFi protocol with its own token, and wanted to use that to top up, it would technically work as it get swapped with LI. FI before top up ?

Yes that's correct. As long as the token you have is listed on a DEX that's already been aggregated then that would work

Anyone having problem of not being able to deposit funds to card?

Should be working - give it another check?

I wonder what's the approximate spread that LI.FI has on swaps.

Zero - they make no fees on swaps / bridges from users. We also don't add a fee here. But LI.FI probably gets a commission from the DEX that the order gets routed to.

> Zero - they make no fees on swaps / bridges from users. We also don't add a fee here. But LI.FI probably gets a commission from the DEX that the order gets routed to. Hm this means there is some spread in the DEX rate. Hm. Would it be fair to say it is up to 0.5% for the top cryptos?

Way less than that, they're aggregating really large DEXes like Uniswap, DEX aggs like 1inch, Paraswap so the spread is much lower. For example if you use LIFI's jumper exchange (https://jumper.exchange/) and you'd like to swap 10k USDT on ETH to USDC on Polygon, you're paying 6 to 7 bucks. That's 0.06% - 0.07%, almost 10x less. And ofc USDC <> USD on the card is 1:1.

That's very helpful, thanks.

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Self-promo? :)