Fiat24’s Visa Card Proposal for UniSwap
Fiat24, a Swiss blockchain bank operating on the Ethereum L2 network, Arbtrium, has submitted a Visa-branded card proposal to Uniswap DAO, although concerns have been raised over trademark rights.
If the proposal is approved by the decentralized autonomous organization (DAO) that oversees the world’s largest on-chain cryptocurrency exchange Uniswap, it would result in the issuance of a Visa card bearing the Uniswap logo.
The card is expected to be available in 27 markets within the European Union, with further plans to expand into Latin America and Southeast Asia.
Fiat24’s vision revolves around leveraging the massive $7.5 trillion daily forex trading volume through automated smart contract banking. The processing of protocol transactions depends on the Uniswap liquidity pool. Users who make card payments will then hold Ether (ETH).
Then Fiat24 will perform a USDC ETH-to-Circle stablecoin swap on Uniswap and transfer the token to fiat gateways, enabling real-world payments.
In particular, Fiat24 holds a Swiss banking license that gives it the legal capacity to serve specific European markets and engage in cross-border transactions.
Trademark obstacles
The voting process within the Uniswap DAO indicated a split in opinion, with 55 percent opposing the proposal and 40 percent supporting it at the time of the report. The primary area of contention appears to revolve around concerns related to trademark ownership.
Ilia Maksimenka, CEO and founder of 0xPlasma Labs, pointed out that all Uniswap trademarks are owned by Uniswap Labs, the entity responsible for operating the largest decentralized cryptocurrency exchange (DEX).
Furthermore, the delegate pointed out that the Uniswap DAO lacks authority for trademark licensing or white-labeling, while some questioned whether the DAO should be involved in the matter in the first place.
