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.

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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.

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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. »

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Source: Press release

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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

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