Gnosis Card: Bridging the Gap Between Self-Custodial Wallets and Traditional Payments
Gnosis, a well-regarded blockchain project in the developer community, is working to demonstrate the broader applicability of web3 by bridging the gap between self-custodial crypto wallets and traditional payment methods such as Visa.
Its latest product, Gnosis Card, is a Visa card that allows users to spend their funds from self-custodial wallets anywhere the payment method is accepted.
Gnosis Pay and the Journey to Real-World Integration
While Gnosis Pay is launching at the major Ethereum community conference EthCC in Paris, the goal is to reach a wider audience beyond the crypto community, according to Dr. Friederike Ernst, Gnosis’s co-founder.
“We’ve always had this really strong line between crypto and the real world. We’re trying to erase this bit by bit so people can use their real-world money in crypto and use their crypto to pay for things in the real world,” she said.
The Gnosis Card allows users to spend their crypto assets seamlessly, just like fiat currency.
Initially launching in the U.K. and the EU, with plans to expand to Brazil, Mexico, Singapore, and Hong Kong, the Gnosis Card aims to enable broader adoption of self-custodial assets in everyday transactions.
Payments are d̶u̶e̶ ̶ ̶̶̶f̶̶̶o̶̶̶r̶̶̶ ̶̶̶a̶̶̶ ̶̶̶c̶̶̶h̶̶̶a̶̶̶n̶̶̶g̶̶̶e̶̶̶ here for web3! 🦉 💳— Gnosis Pay 🦉💳 (@gnosispay) July 17, 2023
We are extremely excited to announce Gnosis Pay and Gnosis Card, the World’s First Decentralized Payment Network and Self-Custodial Debit Card!
🧵 ⬇️ pic.twitter.com/mBeMAmwsEl
Unlocking New Possibilities with Gnosis Pay
Gnosis is also launching Gnosis Pay, a set of developer tools that allow crypto wallets to create their own version of the Gnosis Card, eliminating the need to build an entire online payments system from scratch.
This innovative offering not only provides convenience to users but also presents an additional revenue stream for Gnosis.
By enabling other wallets to issue their own in-house cards, Gnosis receives a share of the proceeds.
By collaborating with partners such as Monerium, which offers the euro-denominated EURe stablecoin regulated in the European Union, Gnosis Pay enhances the capabilities of self-custodial wallets.
Monerium allows users to connect their wallets to an International Bank Account Number (IBAN), facilitating seamless conversion between bank accounts and crypto wallets.
This integration empowers users to effortlessly manage their funds across traditional and crypto financial systems.
A Seamless User Experience on the Horizon
Gnosis envisions a future where truly peer-to-peer transfers are facilitated by crypto, offering superior user experiences compared to traditional financial systems.
While the road ahead involves ongoing development, integration with legacy systems, and compliance with financial regulations, the ultimate goal is to provide users with a seamless experience that feels just like using a traditional credit card.
As Gnosis Card and Gnosis Pay pave the way for the integration of self-custodial wallets and traditional payment methods, the potential for wider adoption of cryptocurrency in everyday transactions becomes more tangible.
The vision of a more inclusive and accessible financial system is inching closer to reality with each step Gnosis takes in erasing the line between the crypto and real-world economies.
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