Temperature Check - [Issue a Visa Card with Uniswap Logo ]

Temperature Check
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Introduction

Fiat24 is the first regulated and licensed Swiss bank that is exclusively built on a public blockchain (Arbitrum). Unlike any other traditional bank, we have completely abandoned servers, with all banking logics run by smart contracts, and our clients being identified via their Fiat24 NFT. You might imagine us as an additional fiat layer for DEXs, such as Uniswap. In fact, clients can not only top-up their Swiss bank accounts via international money transfer, but also by selling their crypto assets. All crypto tokens go through Uniswap and are converted to stabelcoins before arriving in our treasury, meaning that Uniswap is our liquidity provider.

We are directly connected with the Swiss National Bank, European Central Bank, and Visa Payment Network, and all real-world payment data, which is all booked on Arbitrum. Since we are a bank that is fully run by protocols, you can easily access your Swiss e-banking portal directly inside your non-custodial crypto wallet (such as MetaMask or Uniswap Wallet) by using this link http://www.fiat24.com.

Motivation & Benefits to Uniswap Community & Growth

According to DeFi Llama the daily trading volume of Uniswap is more than 600M. That is a huge number, but compared to the daily trading volume of global Forex (7.5 trillion), it is still low. In fact, Uniswap will have much more potential if it could be involved in mainstream, traditional finance transactions. We can imagine that, one day, there won’t only be ETH/USDT pools on Uniswap, but also real USD/Japanese Yen pools.

Fiat24 can contribute and help take a small step in this direction.

Fiat24 is a Swiss licensed financial institution and we open Swiss offshore bank accounts for our clients. The account can be topped up not only via international money transfer, but also by selling cryptos. However, any cryptocurrency goes through Uniswap and is then converted into USDC. We also issue a Visa debit card. All card transactions are booked on the blockchain (Arbitrum).

Since day one of Fiat24, Uniswap has been our sole liquidity provider. We are not connected to any centralized liquidity providers (such as Kraken, Coinbase, Bitstamp, etc.), but rather rely fully on Uniswap. In this way, Uniswap is a strategic and indispensable part of our entire infrastructure. To this effect, we plan to issue a co-branded Visa card with the Uniswap community in order to show our appreciation.

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Specifications

The Visa card is available for residents of 27 European Union countries, but we are expanding our geographical coverage. By the time this is approved, we expect to be able to serve also South East Asian and Latin American countries.

The card is denominated in Euros, and can be added into Apple Pay and Google Pay. It can be used for online and real-world purchases.

Steps to Implement

There is no effort or cost for the Uniswap DAO. We cover all the labor and related costs.

Once the proposal has been approved, we would appreciate an official announcement from the Uniswap DAO (e.g. X).

Timeline

As soon as this proposal has successfully passed all the necessary steps and been approved by the community, we will be able to make the Uniswap Visa debit card available within 2 weeks.

Link to snapshot: (include link) - coming soon!
fiat24account | Twitter | Linktree

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To clarify, this proposal is literally just allowing Uniswap logo to be put on the cards for those who are interested?

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I am a minor delegate but voted against it. And here’s the Rationale:

While the proposal itself clarifies that it has no cost to Uniswap DAO, “Once the proposal has been approved, we would appreciate an official announcement from the Uniswap DAO” so we understand it as a form of endorsement. And believe it should be treated more carefully.

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The link to the Snapshot is here

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Greetings @Fiat24Uniswap,
I appreciate the innovative fintech offering and the proposition you’ve put forth to DAO. Could you clarify the immediate advantages this card would bring to DAO? Furthermore, I’d like to remind you that all Uniswap Trademarks are the property of Uniswap Labs. Please ensure you converse with the main team in SF regarding the logo.
Warm regards,

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Voted against this proposal–although the idea is neat, I don’t think it’s a decision that the DAO has much say over. It’s one thing to endorse a cross-chain deployment or a “friendly fork”, but adding Uniswap branding to a credit card is likely not viable. Unless the DAO attains some sort of trademark licensing or white-labeling authority, this proposal should not pass.

As @ilia_0x mentioned, it would be best to defer branding-based proposals to Uniswap Labs.

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Thanks for your feedback @Doo_StableLab
Yes, you understand correctly - there is no effort required from the Uniswap DAO.
We also do wish to have an endorsement.

Here are our rationales:

  1. It is not a random Visa card, but the first Visa card which has transactions booked directly on a public blockchain (Arbitrum), and uses Uniswap as the single liquidity provider
  2. This is a small step for us, but we believe it is a milestone for the ecosystem to be accepted by the mainstream financial industry. Therefore, this proposal is not arbitrary, or simply for branding purposes. Rather, it is meaningful and serves a purpose and a role model for further adoption.
  3. We have also created a pool on Uniswap for USD and Euro trading pairs. We believe that the current FX market is functioning in the same way as Uniswap does, but using AMM is far more efficient. We wish to give inspiration to the market and promote real-use cases rather than derivatives and GameFi.

I hope this clarifies things and thank you for your interest.

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Thank you for your feedback.

For the trademark, thanks for pointing it out - we are already in touch with Uniswap Labs. We can assure you that we will get all necessary approvals from both DAO and the owner of the logo before we implement the proposal.

In terms of what benefits the card provides, I refer you to the following:

  1. It is not a random Visa card, but the first Visa card which has transactions booked directly on a public blockchain (Arbitrum), and uses Uniswap as the single liquidity provider
  2. This is a small step for us, but we believe it is a milestone for the ecosystem to be accepted by the mainstream financial industry. Therefore, this proposal is not arbitrary, or simply for branding purposes. Rather, it is meaningful and serves a purpose and a role model for further adoption.
  3. We have also created a pool on Uniswap for USD and Euro trading pairs. We believe that the current FX market is functioning in the same way as Uniswap does, but using AMM is far more efficient. We wish to give inspiration to the market and promote real-use cases rather than derivatives and GameFi.

We are one of the first regulated financial institutions to use Uniswap as liquidity provider, even though we are not as prominent as - for example - JP Morgan. Still, we hope that we can provide a showcase to the industry.

Hopefully, the community can support us.

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Thanks for taking the time to leave your thoughts.

Branding is not the main purpose of this proposal. We think this card is a symbol that Uniswap (AMM in general) can also be accepted by regulated financial institutions and is far more efficient than traditional ways. Thus, we are excited to bring this idea to the community and involve them in this initiative.

I hope this answers your concerns.

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Also voting against it, echoing opinions from @AbdullahUmar and @Doo_StableLab .

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Thanks for voting @0xkeyrock.eth - we understand that this is a trademark related topic and have reached out to Uniswap Labs already.
This thread is focused on getting community feedback and gauging interest in the card. It would only make sense to pursue the further legal process if there is enough community desire for it.
Please check out this video (starting at 50 seconds - 60 seconds) and you will see that the crypto is sold via Uniswap in the backend. We strongly believe that we are the only financial institution using DeFi as part of our core banking system.
We hope that the community can show solidarity so that we can promote the real use-cases of blockchain technology together.
Thanks again!

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I’m going to vote abstain. While I support this as an idea, I think it’s not appropriate to either vote for or against. The IP rights to the logo belong to the Uniswap Labs, so this is not a question the DAO can decide.

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Thanks for your involvement.

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Hello,

I’m working for a company who issue debit card and virtual card ( we are partners with Mastercard & Visa ).

I can say it’s 100% impossible to get your design approved in less than 2 weeks by Visa or Mastercard.

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“5 working days for virtual card design” is printed on our contract with Visa. But for physical cards, it takes much longer.

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Thank you, that’s what I wanted you to say:

You’re trying to create a buzz by making it seem like it’s a physical debit card, when in reality it’s a virtual debit card.

We both know that for a physical bank card, the delay can take up to 3 months.

Don’t you think that you would have been more honest to specify that the time indicated corresponded only to the virtual bank card, and therefore, no physical card to be able to pay in store or withdraw money from ATMs ;)?

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Thank you for your comments.

Firstly, we apologize for not making it clear that this card would initially be a “virtual” card because we didn’t anticipate that this aspect would be a topic for discussion. We mistakenly took it for granted that most Degens would prefer a virtual card.

Secondly, strictly speaking, the Fiat24 card is not a “virtual” card but rather a “tokenized card.” The difference lies in the fact that a virtual card consists of just the digital information of a physical card (such as card number, expiration date, CVV, etc.), and can only be used for online transactions (e.g., Amazon). On the other hand, a tokenized card, in addition to the digital information of a virtual card, can also be added to Apple Wallet, Google Wallet, and Samsung Wallet. This means it can be used for both online and offline transactions (e.g., McDonald’s), and an increasing number of bank ATMs also support withdrawing cash using cards stored in Apple/Google Wallet. It’s worth noting that as long as you can issue a virtual card, you can also issue a physical card, but the reverse is not necessarily true; not all physical cards can be tokenized. If our memory serves us right, for some obvious reason, Binance Card and Crypto.com Card cannot be added to Apple Pay, so they must issue a physical card; otherwise, they would miss out on the iPhone user base.

Speaking of Binance, we believe that with the development of DEX, it will eventually replace CEX. However, DEX has an inherent flaw compared to CEX when it comes to supporting fiat currencies. This is because DEX is a protocol, and banks are not willing to open fiat on-ramp and off-ramp accounts for a protocol. Even if they were willing to do so, DEX and traditional banks would not be able to open APIs for each other because DEX lacks APIs. Therefore, this issue can be resolved using a web3 approach. Fiat24 provides a solution for this, as we are also a protocol.

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Fiat24 encrypts traditional finance (TradFi) information and puts it on the blockchain, verifying clients through NFTs, allowing clients to access their banking information in any non-custodial wallet. Since the KYC is completed at the NFT level, the individual remains anonymous in the DeFi world. We hope that this solution can address the pain point of DeFi/DEX having difficulty in supporting fiat currencies.

While Uniswap can swap any token for any other token, it cannot swap any token for fiat (real) USD. Fiat24 bridges this last step in a DeFi way.

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Finally, regarding the question of honesty - if you were to ask us if we want to create some buzz, our most honest answer would be YES, who doesn’t? But if you were to ask us if creating buzz is the primary purpose of this initiative, our most honest answer would be NO. This is because we are proud in our belief that our product can address some of the issues in DeFi and make a valuable contribution. DeFi is still a relatively small community, and any builder who can offer contribution to this niche group is genuinely exciting. So, if it were you, wouldn’t you be excited to invite more DeFi players to try out your innovation?

Thanks again for your interest and feedback, like that of all the community members participating so far.

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We have abstained from voting and echo @kfx’s thoughts:

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The below response reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.

We’ll be voting against this proposal, echoing the concerns raised by other delegates in the comments above. Specifically, the DAO isn’t in a position to provide an approval for the use of the Uniswap logo, since the trademark belongs to the Uniswap Labs.

However, even if it were in such a position, we believe that providing in-direct endorsements through announcements or allowing the use of the logo would be an issue that would warrant further discussion.

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