DeFi project KingSwap launches Visa debit card globally

By Edil Corneille

DeFi project KingSwap announced the launch of its Visa debit card, and it is available globally. The card offers no annual fees or foreign transaction fees, with rewards of up to 3% back on all deposits. Accepted anywhere that Visa is accepted, KingSwap’s debit card uses a tier one bank and its distributors for payment processing and banking solutions.

KingSwap’s Visa debit card features a sleek, high-end metal design and entitles cardholders to perks including high-yield rewards. By owning one of these debit cards, users will be able to purchase cryptocurrencies with lower fees on the KingSwap platform. They will also gain access to benefits and products through the partnerships of KingSwap.

KingSwap’s Visa debit cards are limited in quantity, and available on a first-come, first-serve basis for users who have completed KYC verification and begun staking on KingSwap. To request a KingSwap Visa debit card, users can sign up and complete ID verification. Applicants will be notified when their card is ready to ship.

KingSwap will release four tiers of Visa debit cards, starting with the King’s Royal Black Card, followed by the Queen Platinum Card, Royal Knight Gold Card, and Blue Squire Card. To acquire a KingSwap Visa debit card in the King’s Card tier, users are required to stake a minimum of 1 King NFT, with an additional 1,000,000 $KING Tokens staked on the KingSwap decentralized exchange (DEX). Queen Platinum Cards require a minimum stake of 1 Queen NFT and 100,000 $KING tokens. KingSwap’s Royal Knight Card and Blue Squire Card offer a lower entry point to the KingSwap ecosystem, allowing users to stake a small amount of $100-$500 USD and still see significant rewards, including 1 percent back on all deposits.

KingSwap Visa Debit Cards are loaded with fiat rather than digital assets, and all transactions are denominated in fiat currency. Use of the card is subject to terms and conditions of the applicable cardholder agreement, and may be subject to fees such as ATM fees.

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; 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; Nomura, Japan’s largest investment bank; and the Bank of Singapore.

Prior to KingSwap’s public launch in October 2020, venture capital firms and cryptocurrency investors participated in a private fundraising round, raising more than $20 million USD in funding and liquidity support. KingSwap’s backers include Plutus VC, Hashstreet VC, Alpha Sigma Capital, Tradecraft Capital and 7CC.