The Ethereum sidechain Gnosis unveiled Gnosis Pay during the EthCC which is currently taking place in Paris. This innovative solution, built through the Gnosis ecosystem, is embodied through the Gnosis Card, a debit card designed in partnership with the giant Visa. The latter allows its holders to settle all their daily transactions directly thanks to the cryptocurrencies held in their wallet.
Gnosis unveils Gnosis Pay and its Gnosis Card
Ethereum (ETH) sidechain Gnosis just revealed Gnosis Payits new payment solution allowing its users to settle their daily transactions in cryptocurrencies and stablecoins, and this directly from their own on-chain wallet.
As part of a partnership with the giant Visa, Gnosis unveiled its Gnosis Card, a debit card directly connected to its holder’s self-custodial wallet. In other words, the Gnosis Card allows the blockchain to be directly associated with the Visa international payment network.
A completely innovative function (TenX had burned its wings, however), according to the Gnosis press release:
“Gnosis Card is the world’s first debit card officially certified by Visa, directly connected to a self-managed wallet on the blockchain instead of a traditional bank account, built on the Gnosis Pay decentralized payment network. »
In order to adapt to Visa’s extremely large transaction flow (more than 1,000 transactions per second), Gnosis has developed a customized second layer solution directly on the Gnosis Chain. This provides increased scalability to Gnosis Pay while maximizing the security of this ground-breaking network.
To begin with, the Gnosis Card will be exclusively available in Europe and the United Kingdomthen will be gradually offered in the United States, Brazil, Mexico, Singapore and Hong Kong, according to the current roadmap.
👉 To deepen – What are the differences between a Custodial / Non custodial wallet?
The reference platform to buy and trade more than 600 cryptos
10% off your fees with code SVULQ98B ?
Tearing down the wall between the blockchain and the real world
Gnosis noted that in recent years the cryptocurrency industry has operated virtually independently of the traditional financial system, which has had the effect of holding back adoption. Thus, Gnosis Pay aims to remove the barrier between blockchain and off-chain, as explained by Marco Nunes, co-founder and CEO of Gnosis Pay :
“To date, most gateways between currencies and cryptocurrencies only exist on exchanges, which is mainly of interest to traders and not individuals. We are happy to introduce Gnosis Card to help users break down the wall between their on and offchain activities. »
Still according to Marco Nunes, “self-custodial” payments will constitute a major vertical of the blockchain as of this year:
“With the continued accumulation of assets in self-custodial wallets, 2023 will undoubtedly be the year self-custodial payments enter the mainstream. Gnosis Pay offers the most robust self-custody solution for retail users who want to use their digital assets in the fiat world. »
According to the press release, Gnosis Cards can be personalized by their issuers. In other words, these debit cards may be issued by decentralized autonomous organizations (DAOs) or NFT collectives. A major point according to Stefan George, CTO at Gnosis Pay :
“Gnosis’ commitment to decentralization means we want others to benefit from Gnosis Pay. We allow anyone who wants to integrate Gnosis Pay’s technology to issue their own cards to their own users. »
👉 Read also – Mantle Network: multilayer layer 2 powered by BitDAO arrives on the Ethereum mainnet
Buy crypto on eToro
Source: Press release
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
808 items
