Gnosis has announced the launch of Gnosis Pay and Gnosis card, a bridge between traditional and self-custodial crypto payment systems.
According to Gnosis, Gnosis Pay is an inaugural decentralized payment network that enables traditional payment integration. With the development, web3 developers can integrate traditional payment systems, including Visa, in their products.
Using Gnosis Pay, users can settle transactions from their digital asset wallets anywhere Visa is accepted. It merges the Visa Debit functionality with smart wallet technology. Working on this functionality is Safe, previously known as ‘Gnosis safe,’ a project incubated by Gnosis.
Interestingly, Gnosis Pay would allow crypto wallets to create a version of their Gnosis card for their users using Gnosis Pay’s API and toolings. This way, they wouldn’t have to build an online payment system themselves.
Gnosis Card is a Visa-certified, self-custodial consumer debit card linked directly to an on-chain wallet. Despite leveraging a traditional payment infrastructure, it is not linked to a traditional bank account. Additionally, the Gnosis card is built on the Gnosis Pay.
A key partner of the Gnosis card is Monerium, the firm offering Euro-denominated EURe, a European Union-regulated stablecoin.
Transactions on the Gnosis pay are powered by a custom L2 on the Gnosischain. More so, Fractal will be handling Gnosis Pay’s KYC, allowing users creating a Monerium bank account to sign up and verify their Gnosis identity.
Gnosis Cards will initially be enabled in the UK and the EU. Afterward, it will expand to Brazil, Mexico, Singapore, and Hong Kong.
Furthermore, the Gnosis team plans to launch Gnosis Pay in the U.S. by the end of Q3. It will as well work with MakerDAO to offer its USD-denominated stablecoin Dai, allowing the use of stablecoins in making daily purchases through the Visa wallet.
The Gnosis co-founder, Dr. Friederike Ernst, while explaining the intricacies of their solution, stated that they are already a member of Visa and will also become a member of Mastercard.
Gnosis claims to be the “world’s first decentralized payment network and self-custodial debit card.” For Gnosis, this is a way to onboard non-web3 natives into the economy.
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