Users will be able to conduct real-world transactions using their cryptocurrency funds thanks to two new product offerings from Gnosis. Gnosis announced these products—the Gnosis Card, a self-custodial debit card supported by Visa, and Gnosis Pay, a decentralized payment platform—via a tweet on July 17, 2023.
Payments are d̶u̶e̶ ̶ ̶̶̶f̶̶̶o̶̶̶r̶̶̶ ̶̶̶a̶̶̶ ̶̶̶c̶̶̶h̶̶̶a̶̶̶n̶̶̶g̶̶̶e̶̶̶ here for web3! ???? ????
We are extremely excited to announce Gnosis Pay and Gnosis Card, the World’s First Decentralized Payment Network and Self-Custodial Debit Card!
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— Gnosis Pay ???????? (@gnosispay) July 17, 2023
Gnosis Pay is a decentralized payment netwok built on top of the Gnosis Chain. It utilizes a specially developed layer-2 protocol to enhance scalability within the network. This protocol also ensures the protection of KYT and KYC information, which are crucial requirements for a Visa off-ramp. This decentralized payment network is accessible through a physical card, the Gnosis Card, as well as a web app.
Unlike conventional options that require preloading, the Gnosis Card deducts funds directly from the linked wallet at the time of purchase. This instant access to their cryptocurrency funds provides users with greater convenience and control over their money, distinguishing the Gnosis Card from other alternatives. The card can also be used anywhere Visa cards are accepted.
The Gnosis Card will only be available in the European Union (EU), the European Economic Area (EEA) nations, and the United Kingdom. However, Gnosis plans to expand its availability to other regions, including the United States, Brazil, Mexico, Singapore, and Hong Kong.
Gnosis leverages its platform called Safe to enhance user experience with the debit card. With Safe, users can log into the Gnosis Pay web app using their wallet without the need for a seed phrase. New wallets are generated on the backend, ensuring improved security and ease of use for customers.
Furthermore, Gnosis Pay intends to integrate MakerDAO’s decentralized stablecoin, DAI, in the future. However, the initial offering will be limited to using EURe, a stablecoin pegged to the Euro.
When users run out of EURe but have USDC available, the Gnosis Card will prompt them to initiate a trade by swapping the tokens. This feature ensures a seamless payment experience for Gnosis Card users.
The Gnosis Pay team is also actively engaging with interested wallets to facilitate the utilization of their infrastructure. This could pave the way for other wallets, DAOs, or NFT collectives to offer similar goods to their users.
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