May 23, 2024 12:25
Ex-Revolutemployees have launched Zeal, a DeFi wallet and crypto debit card that allowsusers to spend cryptocurrencies directly on everyday purchases. The launchfollows a strategic partnership and $2 million investment from Gnosis, which aims to seamlessly integrate Web3 financial rails into existing paymentexperiences.
Ex-Revoluter Launch Zeal: A DeFi Wallet and Crypto Debit Card
Zeal, nowavailable as both a browser extension and a mobile app, allows users to makeonchain payments as well as everyday transactions using a crypto Visa debitcard provided by Gnosis.
Theinformation was confirmed by Hannes Graah, the Founder of Zeal and former VP ofgrowth at Revolut, during the ongoing DappCon in Berlin. The conference is organizedby Gnosis, which provided Zeal with the necessary financial support last month.
"Spendingcrypto is hard many think of crypto as an online casino due to its volatileprice movements," Graah commented. "Zeal's new approach combines afeature-packed EVM-wallet with a Visa card that lets people buy a coffee orconnect to Uniswap from the same app. Unlike previous crypto cards that requirea fiat balance, the Gnosis Card spends onchain crypto directly."
The Zeal paymentprocess is way easier. Gnosis Pay checks the customer's token balance in their smart wallet upon a merchant's payment request. If the funds are adequate, thepayment gets approved, and the merchant can claim the tokens. These tokens aresubsequently withdrawn and converted into fiat currency.
"Thelack of biometrics and seed phrases will make this the perfect wallet foranyone getting started with DeFi," added Friederike Ernst, the Co-Founderof Gnosis. "We are also particularly excited about the launch of theGnosis card. This is a huge step in allowing people to actually purchaseeveryday items with their crypto."
The launchof Zeal marks a milestone in the DeFi space. It offers a convenient andaccessible solution for users looking to spend their cryptocurrencies oneveryday purchases. The project was first mentioned in November last year, butnow its official launch has been confirmed.
It's notthe first time a former Revolut executive has ventured into starting their ownbusiness. Ruslan Fakhrutdinov, previously the Head of Crypto Operations atRevolut, has established a cryptocurrency exchange after securing an investmentof $6.5 million. Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware,and Cyber Fund are among the investors supporting the new exchange named X10.
You can learn more about Zeal from the video below:
Revolut to Unveil PaymentTerminal for Large Businesses
Meanwhile,Revolut has also announced a significant update; the company is set tointroduce a new payment terminal tailored for large businesses, aiming toexpand its market share among business clients.
The productis expected to be launched in the second half of this year and will serve over15,000 merchants who accept in-person payments using Revolut products. Thisinformation was shared by Financial News, which spoke with Alex Codina,the General Manager of Revoluts Merchant Acquiring business. Codina mentionedthat the payment terminal would be ideal for retailers, restaurants, and coffeeshops.
Inaddition, the company announced plans to increase its globalworkforce by approximately 40% in 2024. Having recently surpassed the10,000-employee mark, Revolut aims to reach 11,500 staff by the end of theyear.
Furthermore, Revolut introduced Revolut X, a cryptocurrency exchange designed for professional traders in May. This launch marks the company as a pioneer in developinga dedicated platform for cryptocurrency trading within the banking sector.
This article was written by Damian Chmiel at www.financemagnates.com.
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