Gnosis Launches Fully Decentralized Payment Network and Debit Card
- Initially, it will be marketed in the UK, the European Union, and the European Economic Area.
- Gnosis Pay is the result of a partnership between Gnosis and the payment processor SaltPay.
Blockchain industry frontrunner Gnosis has introduced Gnosis Pay and Gnosis Card, the first fully decentralized payment network and self-custodial debit card. This was announced during the biggest annual European Ethereum 04-days event, The Ethereum Community Conference (EthCC).
Using a Visa-certified consumer debit card linked to an on-chain self-custodial wallet, the Ethereum-based sidechain Gnosis offers Gnosis Pay and Gnosis Card, a first in the integration of decentralized payment networks with conventional processors.
Boosting Crypto Adoption
Initially, it will be marketed in the United Kingdom, the European Union, and the European Economic Area. The United States, Brazil, Mexico, Singapore, and Hong Kong are all on the list of target markets for Q4 expansion. This new service stands out from similar Web3 payment cards and is expected to boost crypto adoption.
These novel services allow customers to utilize stablecoins and the Visa payment system to make transactions online. Working as a layer 2 solution on the chain, Gnosis Pay is the result of a partnership between Gnosis and the payment processor SaltPay.
The Gnosis Card will support EURe, a stablecoin tied to the Euro, upon launch. The developers behind Gnosis Pay are hard at work adding support for MakerDAO’s decentralized stablecoin, DAI. Gnosis Pay will first provide a physical card and a web application; a mobile app is in development. The $30 EURe registration fee ushers in a new age of cryptocurrency transactions, thus boosting adoption.
Despite Gnosis’s separation from Safe in July, the two companies remain closely connected, as seen by the inclusion of Safe wallets in Gnosis’s most recent product offerings.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
