On October 21st, the Swiss-regulated blockchain bank Fiat24 proposed via the Uniswap decentralized autonomous organization (DAO) its intention to issue a Visa debit card that is branded with the Uniswap logo. However, the thought of seeing this proposal go through is not going well as several members of the Uniswap DAO have voted against the proposal.
Fiat24 Proposes Uniswap-Backed Visa Debit Card
Fiat24 is a Swiss financial institution offering crypto services. Built on the Ethereum layer-2 network Arbitrum, Fiat24 allows users to make transactions using both fiat and crypto assets. The platform claims that it uses Uniswap as its liquidity provider and has no ties to centralized crypto custodians.
The proposal entails that UNI holders will be able to trade their UNI tokens for euro-denominated fiat currencies using the Visa card. Holders will also be able to access their Swiss e-banking portal within non-custodial wallets like MetaMask.
Focusing on the leading decentralized exchange, Uniswap, Fiat24 stated that a dive into the traditional financial market will boost its total value locked (TVL), which currently sits at $3.3 billion, as shown on blockchain analytics platform DeFiLlama.
Presently, Fiat24 offers its services across 27 countries in the European Union. If the proposal is endorsed, the Swiss blockchain bank will extend its Uniswap-focused ambition from the EU to Southeast Asian and Latin American countries. The euro-denominated Visa debit card will also be suitable on both Apple Pay and Google Pay for online and physical purchases.
Shift Towards Centralization?
At the time of writing, the proposal has amassed the interest of over 37% (3 million UNI holders), and those against the proposal represent more than 51% (4.1 million UNI holders).
The lack of support for the Fiat24-issued Visa debit card can be perceived as UNI holders’ possible disapproval of a product that is geared towards centralization. In March, Uniswap Labs, the team behind the Uniswap protocol, updated its terms of service. The new terms entail that Uniswap’s intellectual property (IP) belongs to Uniswap Labs.
Still, Fiat24 states that it seeks the “necessary approvals from both DAO and the owner of the logo” before implementing the proposal.
The proposal will remain in the temperature check poll within the Uniswap DAO until voting ends on October 27th.
The post Fight Against Censorship: 4.1M UNI Holders Vote Against Uniswap-Branded Visa Debit Card appeared first on Coinfomania.
