- Gnosis launches Gnosis Card and Gnosis Pay.
- The newly launched card is only active in Europe right now.
- Gnosis Pay becomes the bridge between Web2 and Web3.
Gnosis Launches Gnosis Card and Gnosis Pay
Gnosis, a decentralized blockchain running on Ethereum, has announced the release of its latest products: Gnosis Pay and Gnosis Card.
Gnosis is a decentralized blockchain that facilitates the development of infrastructure products to improve the utility of Ethereum.
Gnosis’ latest products are designed to enable users to make online purchases with stablecoins. This is made possible by integrating Visa’s payment system with Gnosis Card.
Gnosis shared that the crypto payments will be made possible in Europe by using Gnosis Card, which will be facilitated through Gnosis Pay.
The decentralized blockchain stated that the product would be available in Europe but with plans to expand into other markets like Hong Kong, Singapore, etc.
Gnosis Pay
Gnosis Pay is a bridge where traditional payment connects with Web3. Gnosis Pay is a decentralized payment system that allows users to integrate traditional payment methods, like Visa. Before the launch of Gnosis Pay, there has been a gaping hole in bridging traditional finance methods to Web3.
After the collapse of several finance authorities like FTX, the need to merge the accessibility and structure of traditional payment methods with the safety and decentralized nature of Web3 arose.
While there are existing self-custodial applications like Metamask, the problems of accessibility remain unsatisfactory.
But with the launch of Gnosis Pay, customers do not need to bend over their backs to pay to make online payments with crypto conveniently. Integrating blockchain technology with a traditional payment method like Visa has created a world of convenience and accessibility. Through this groundbreaking achievement, the road to mass adoption of Web3 seems clearer.
“With Gnosis Pay, you can spend your digital assets directly from your wallet wherever Visa is accepted,” the tweet stated.
Gnosis pay is built on a custom L2 chain to properly manage the transaction volume.
Gnosis Card
“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,” Friederike Ernst, the Co-Founder of Gnosis, stated.
The Gnosis card is a self-custodial debit card. It is the first Visa-certified self-custodial card designed to enable flexible crypto payments in the off-chain world. It is linked to an on-chain wallet and developed on Gnosis Pay.
Gnosis Card will be available in the EEA, UK, and EU states with plans to launch in Hong Kong, Singapore, Mexico, Brazil, and the United States in Q4.
The Gnosis Card is designed to aid flexible crypto payments in the real world. Users need to connect their wallets to activate the card. Payments can be made anywhere Visa is accepted, and it will be deducted from the connected crypto wallet.
The EURe, a stablecoin pegged to Euro, will be available when the card is launched.
Other crypto token options like DAI will be added soon.
A mobile application for the Gnosis card will be released soon, with a sign-up cost 30EURe. The team also shared their plan to launch a web application and physical Gnosis card soon.
