The well-known blockchain network, Gnosis, has recently introduced two innovative products that empower users to use their digital assets directly from their wallets through Visa’s payment system. These products, known as Gnosis Pay and Gnosis Card, were unveiled during the Ethereum Community Conference in Paris.
Gnosis Pay functions as a speedy and budget-friendly transaction solution on the blockchain’s layer 2. At first, the services are accessible to countries within the EU and EEA regions, along with the UK. Nevertheless, Gnosis has ambitious intentions to extend its presence to the US, Brazil, Mexico, Singapore, and Hong Kong before this year concludes.
Gnosis Card: A Self-Custodial Visa Debit Card
The Gnosis Card serves as a Visa-powered debit card that directly accesses funds from the user’s wallet, without requiring pre-payment. This modified approach sets it apart from traditional Web2 payment networks and Web3 payment cards, as users retain full custody of their funds.
Friederike Ernst, the co-founder of Gnosis Chain and Gnosis Pay, highlighted the unique feature of the Gnosis Card, stating,
“This is different from Web2 payment networks because you still have custody of your funds. It is different from Web3 payment cards because it is not prepaid.”
Gnosis Pay’s Expansion and Future Developments
At present, Gnosis Pay offers a physical card and a web app. Moreover, it provides tooling and APIs, allowing other wallets, DAOs, or NFT collectives to offer products similar to the Gnosis Card to their users. A mobile app is also in the works and will be available soon, with a signup cost of €30.
Additionally, Gnosis Pay enables users to spend EURe, a stablecoin pegged to the Euro, through the Gnosis Card. The platform is actively working on integrating MakerDAO’s decentralized stablecoin, DAI, to expand the range of payment options.
Looking forward, Gnosis is engaging in discussions with various wallets interested in utilizing its infrastructure. Some of the prospective partners include Zerion, Bankless, and 1Inch, with whom Gnosis is currently signing letters of intent.
Final Thought
Gnosis’s introduction of Gnosis Pay and Gnosis Card marks a significant step forward in the world of crypto spending. With the ability to seamlessly integrate decentralized payment networks with traditional processors, users can now spend their digital assets directly from their wallets using Visa’s payment system. The self-custodial nature of the Gnosis Card ensures users retain full control of their funds, setting it apart from other payment solutions. As Gnosis continues to expand its services and engage in collaborations with various wallets, the future of crypto spending looks more accessible, secure, and user-friendly than ever before.