SORA Card, the neobanking-inspired solution bringing an IBAN and debit card to your DeFi applications, is now open to sign up.
Keep self-custody over your crypto while having your IBAN, debit card and daily finances in the same app. SORA Card is for people who value freedom.
In this initial phase, users can request their SORA Card, comply with the application requirements through an integrated on-ramp, and complete the KYC procedure.
Shortly after, IBAN functionality, powering SEPA transfers, and the possibility to receive fiat funds will be activated. Here is a summary of the process and requirements to sign up for SORA Card.
There are two channels to apply for SORA Card:
- On the polkaswap.io dApp
- Through the SORA Wallet mobile app (available on Google Play and the Apple App Store)*
*If you just downloaded SORA Wallet, safely store your seed phrase.
The three options to apply for SORA Card, along with the fees for each prospect, are:
- If you already have more than €100 worth of XOR in your account: the application with your SORA address is free;
- If you want to purchase XOR to have the €100 balance for a free account, you can buy XOR worth up to €700 within the app with only soft KYC required (details below);
- If you do not have €100 worth of XOR and don’t want to purchase it, there will be a fee of €20 to apply for KYC and the SORA Card. This payment can be made with any debit/credit card*.
*supported cards: Visa®, Mastercard®, Discover®, Diners Club®, JCB®
The first 5000 applicants will not pay yearly or monthly fees for the first two years. Only fees according to their usage will be charged to their account. We want to ensure this benefits the SORA community members; therefore, we have opened the pre-launch sign-ups only to this group. This means that only people who have at least €100 worth of XOR in their SORA account (or just purchased €100 worth of XOR) can proceed with the KYC right now; the third option, buying SORA Сard for €20, will be enabled at a future launch.
Users who successfully passed KYC* from 5001 onwards will be asked to pay a fixed annual fee that covers all monthly and yearly fees linked to the account and card (limits apply).
*KYC is currently only enabled for EU residents. This will change shortly.
These fees are necessary to cover the card service partner costs, who handle the financial transactions. Therefore, the usage fees are a financially sustainable way for SORA to provide its services without compromising user privacy and security. Remember, if a product is free, it is likely that you are the product being sold.
What to Expect from SORA Card’s Phase 2
All contributors are working hard on delivering “Phase 2” as soon as possible.
You can expect:
- A virtual and physical debit card ready to use and in hand
- A European IBAN (International Bank Account Number)
- Account top-ups using XOR, SEPA (bank transfer), or any credit/debit card you prefer
- A fiat wallet with integrated SEPA and SWIFT payment functionality
- Referral Program access: share the road to freedom with your friends and family, and both of you will earn rewards.