Gnosis Launches Visa Card to Enable Spending from Self-Custodial Wallets July 17, 2023 July 17, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 17, 2023 by Kelly Cromley

Gnosis Launches Visa Card to Enable Spending from Self-Custodial Wallets

Blockchain project Gnosis has introduced a groundbreaking Visa card that facilitates spending from self-custodial wallets at any location where Visa is accepted. This move aims to bridge the gap between self-custodial crypto wallets and traditional payment methods, offering users greater convenience and accessibility. The launch comes amid high-profile bankruptcy filings by companies like FTX, which highlighted the importance of secure self-custodial wallets. Gnosis seeks to address the challenge of spending self-custodial assets in the real world with the introduction of this Visa card. Initially available in the UK and the EU, the card’s expansion to other regions, such as Brazil, Mexico, Singapore, and Hong Kong, is planned for the future.

Gnosis Pay: Enabling Seamless Payments for Crypto Wallets

In addition to the Visa card, Gnosis is actively working on Gnosis Pay, a set of developer tools that will empower crypto wallets to create their version of the Gnosis Card for their users, without the need to build an entire online payments system. The Gnosis Pay service is slated to launch in the US by the end of Q3 and will collaborate with MakerDAO to incorporate its USD-denominated stablecoin, Dai, as an option for the credit card.

Pricing and Revenue Model

The Gnosis Card will be available for EUR 30, with the production and distribution of the physical card costing EUR 10. The surplus revenue generated from the pricing will be directed towards strengthening the product’s engineering and compliance infrastructure. Gnosis plans to generate revenue through transaction fees, and the rising popularity of the card is expected to boost demand for Gnosis’s GMO token.

Fractal’s Involvement in Know-Your-Customer Process

Gnosis Pay has partnered with Fractal for its know-your-customer (KYC) process. Users can leverage Fractal to verify their identities with Gnosis while setting up a Monerium bank account and applying for a Gnosis Card. This collaboration ensures a secure and compliant KYC process for users.

Gnosis Card Supported by Monerium and EURe Stablecoin

The Gnosis Card is backed by Monerium, a company offering the Euro-denominated EURe stablecoin, which is the only stablecoin regulated within the European Union. Users can connect their wallets to an International Bank Account Number (IBAN) through Monerium. When they transfer money from a bank account to a wallet-linked IBAN, the payments are minted as EURe stablecoins on blockchains like Ethereum and Gnosis. Conversely, when users sign off payments from their wallets, EURe stablecoins are burned, and euros are sent to their bank accounts.

With the launch of the Gnosis Visa card and the forthcoming Gnosis Pay service, Gnosis aims to revolutionize the way users spend funds from self-custodial wallets. By providing a seamless bridge between crypto assets and traditional payment methods, Gnosis offers enhanced convenience and accessibility to cryptocurrency users. The card’s expansion to multiple regions in the future and the strategic partnership with Monerium’s EURe stablecoin promise to further strengthen Gnosis’s position in the cryptocurrency market. As the project gains popularity, it is poised to drive demand for Gnosis’s GMO token, ushering in a new era of secure and user-friendly crypto spending.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.