DeFi Project KingSwap Launches Visa Debit Card Globally

SINGAPORE, Jan. 18, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) - DeFi project KingSwap (https://www.kingswap.io/) today announced the launch of its Visa debit card, 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 card holders 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’ll also gain access to benefits and products through KingSwap’s partnerships. 

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 here 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. 

ABOUT KINGSWAP
KingSwap (https://www.kingswap.io/) is a DeFi project based out of Singapore with a regulated** token that introduces a liquidity pool platform with possible fiat conversions. KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles. 

*"Cash-Back Amount" -  This amount depends on which tier of Kingswap Cards the holder owns, and whether the holder has qualified through the required staking of $King tokens on the Card account. Holders should look at the terms and conditions and requirements at the KingSwap Cards url.

*"Regulated" -  KingSwap commissioned Gravitas International Associates Pte Ltd, a Singapore Payment Services Act ("PSA") exempt company, to issue the $KING tokens. A legal opinion regarding the token issuance has been submitted to the MAS in accordance with the PSA requirements. Gravitas has already submitted an application to the MAS for full licensing under the PSA, and the said application is pending review. KingSwap itself has no licensing specific to DeFi projects, as there is no such specific legislation anywhere in the world at this point in time, and is following the regulatory framework of the PSA in Singapore at the time of writing.”