Uniswap Visa Card Proposal is Facing Opposition Among UNI Token Holders
The majority of token holders are voting no on the early temperature check.
By: Camila Russo •DeFi News
A Uniswap governance proposal from Fiat 24 bank about issuing a Visa card with the unicorn logo is facing opposition so far, with majority of token holders voting no.
On the first day of the temperature check, 55.7% have given a thumbs down to the idea, while 40.9% have voted in favor. The vote ends on Oct. 27.
The proposal was initiated by Fiat24, a Swiss bank that operates solely on the Arbitrum blockchain. The bank proposed to release a co-branded Visa debit card with Uniswap.
The move would help enhance Uniswap's role in mainstream financial transactions, while also boosting trading volume, Fiat 24 argued.
The proposed Visa card, if greenlit, would be available to residents across 27 countries of the European Union, with plans to expand services to Southeast Asian and Latin American countries shortly. It would work with both Apple Pay and Google Pay and could be used for online or physical transactions.
The implementation wouldn't entail any labor or related costs for Uniswap DAO. The point of contention for UNI token holders is that Fiat24 is asking for an official announcement from Uniswap DAO if the proposal is approved.
Fiat24 uses smart contracts for banking logic and uses an NFT for customer identification, according to the proposal. It allows international currency transfers as well as crypto selling for topping up accounts. Fiat24 depends exclusively on Uniswap as its sole liquidity provider.