Nov 11, 2022

4 min read

SORA Card Phase 1: Everything You Need to Know

Before the end of November, you can start the card application and KYC procedure in all security and privacy, and order your SORA Card through Polkaswap.io, soracard.com, or SORA Wallet. Here is what you need to know:

TL;DR

Within this article you will find everything you need to get started with SORA Card, specifically, it will cover:

Details about Phase 1
The 3 channels and options to apply for SORA Card
SORA Card fees
What to expect from Phase 2

If you already have more than €100 worth of XOR, the application for SORA Card is **free**

How to Apply for SORA Card

You will have three channels to apply for SORA Card:

On the polkaswap.io dApp
On the soracard.com website
Through the SORA Wallet mobile app (available on Google Play and the Apple App Store)

*If you just downloaded SORA Wallet, make sure to store your seed phrase safely.

And the three options to apply for SORA Card, along with the fees for each option 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 will be able to buy native 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 you don’t want to purchase it, there will be a fee of €12 to apply for KYC and the SORA Card. This payment can be made with any debit/credit card.

Let’s Jump into the Details

We heard the community’s feedback and will offer a SORA Card for free to all SORA community members who have at least €100 worth of XOR on their SORA account, as aforementioned. The SORA community will also waive monthly card and account fees for the first 5000 applicants.

To verify if you have at least €100 worth of XOR in your account, your XOR in LP, XOR in stake, and your account balance will be tallied together to calculate your total. We want an inclusive card program for all of our community members, hence the friendly access criteria.

Applicants who do not wish to own €100 worth of XOR can simply apply for the card by paying €12 for the first physical card, virtual card, and the KYC application.

We also have great news for people who do not have €100 worth of XOR on their account yet, and would like to purchase it; thanks to the integration of X1 Exchange, you can purchase up to €700 worth of native XOR in your SORA account, only requiring a soft KYC.

Unlike the “regular” KYC that requires state-issued identity documents, to use this option, you will only need to provide your first and last name as per your ID document, your country of residence, and your nationality.

This one-time transaction will come at the following, one-time cost, reflected on the purchase total:
1.95% + € 0.21 deposit fees;
3% exchange fees;
€0.5–1.0 withdrawal fees (depending on the network fees).

“If the product is free, you are the product.”

Unlike centralized and custodial solutions, user data and crypto assets are not accessible by SORA. Since you are not a product to us, there is no other financially sustainable way than to apply usage fees to the card and account. The majority of those fees go to the banking and card service partners.

In Conclusion

We hope that helped to answer some of the initial doubts you may have had about SORA Card and its fees. Very soon we will announce when signups are ready and we hope you look forward to more news from SORA Card.

Here is a teaser about what to expect from Phase 2:

Ready to use physical and virtual card
XOR <> fiat exchanges
Referral program
Apple Pay and Google Pay compatibility

And it doesn’t stop there…

SORA Card | Value Freedom

A unique self-custodial crypto debit card for the interoperable future

About SORA, Polkaswap, and Fearless Wallet

SORA is a new economic system aimed at creating a supranational multiverse economic system with built-in tools for decentralized finance (DeFi). The SORA network implements a new way of parachain architecture on Polkadot and Kusama network, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.

One of the DeFi applications that will run on the SORA network is Polkaswap, a noncustodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem with boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).

Fearless Wallet is a bespoke mobile wallet designed for the decentralized future on the Polkadot and Kusama ecosystem, with native support for iOS and Android platforms. A premium user experience, fast performance, and secure storage for your accounts. Fearless Wallet will integrate Polkaswap for easy, decentralized swaps of assets.

Connect With Us

SORA 𒀭 community:

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Polkaswap 𒊹𒂵𒆜 community: