Gnosis, an Ethereum sidechain, will allow consumers with crypto wallets to make online transactions utilizing stablecoins and Visa’s payment system.
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Debut of the Gnosis Card
In a press statement issued on Monday, the launch of Gnosis Pay and Gnosis Card, the first decentralized financial system to integrate with a conventional payment system and the first Visa-certified consumer debit card that is connected to an on-chain self-custodial wallet, was confirmed.
The co-founder of the firm and chief technology officer of Gnosis Pay, Stefan George noted: “From a user experience point of view, it’s exactly the same experiences everyone’s used to but under the hood of using crypto to settle your payments.”
A Physical Card and a Web App
It is essential to understand that financial system will initially just include a physical card and a web app. An application for smartphones will be available “soon.”
Furthermore, users’ wallets will function as bank accounts, and every card will have to be linked to the user’s Safe account. This product will first be accessible throughout EU and EEA nations, and also in the United Kingdom, with the possibility of expanding across the United States, Brazil, Mexico, Singapore, and Hong Kong in Q4.
Different from Web3 Payments
Friederike Ernst, co-founder of Gnosis Chain and Gnosis Pay states: “It is different from Web3 payment cards because it is not prepaid. If you have a Binance card, you load your account with crypto and spend from that balance. With Gnosis Pay, you spend from your self-custodial wallet the moment you tap your card.”
The Gnosis Chain
Notably, in order to enable the network to grow effectively, Gnosis Pay deploys a specially created layer-2 protocol over the existing Chain. As a result, the KYT and KYC information that Fractal has collected in order to meet the standards associated with a Visa off-ramp can be safely protected.
In July of last year, the leading digital assets management system Safe, formerly referred to as Gnosis Safe, raised $100 million in a fundraising round.
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