Gnosis Launches Debit Card For Daily Purchases Using Crypto Assets

Updated: 18 July 2023

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Gnosis unveiled a new debit card that enables people with crypto wallets to make everyday purchases using stablecoins via Visa’s payments system.

The company, a sidechain of ethereum, also announced Gnosis Pay, a Decentralized Payment Network (DPN), that it said will combine with its debit card to remove the barriers between traditional finance and decentralized finance (DeFi).

“Spend crypto like you spend cash, anywhere Visa is accepted,” it said. ”Certified by Visa to be accepted by 80+ million merchants worldwide, bringing your digital assets into the traditional economy.”

Gnosis aims to bridge the gap between the cryptocurrency ecosystem and conventional payments and if successful it has the potential to nudge cryptocurrencies further into the mainstream

GM everyone ☀️

📢News of the day! Blockchain meets the real world with the new Gnosis Card – a Visa card directly connected to your crypto wallet.

A bridge has been built between the traditional universe and the cryptocurrency ecosystem! @gnosischain

🧵 Let's dive in 👇 pic.twitter.com/dlp2GNs4NC

— CABANA (@Cabanaandre1) July 18, 2023

The Gnosis Card is timely as many crypto users have been moving away from wallets on centralized crypto exchanges and into self-custodial wallets such as Ledger and MetaMask. This is mainly a result of trust issues stemming from the collapse of FTX and other exchanges. But as Gnosis co-founder Friederike Ernst told TechCrunch, the problem has been that crypto is dominated by ”all these tokens that kind of don’t work anywhere esle.”

“We’ve always had this really strong line between crypto and the real world,” he said. “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.”

The Gnosis Card will first go on sale in the UK and the EU, with future expansions planned for Brazil, Mexico, Singapore, and Hong Kong. Gnosis Pay hopes to make its U.S. debut by the end of Q3/2023. With the help of MakerDAO, Gnosis Pay is looking to provide USD-denominated stablecoin, DAI, as a credit card alternative.

Blockchain network Gnosis, a sidechain to Ethereum (CRYPTO: ETH), has announced the launch of Gnosis Pay and Gnosis Card, marking a significant step towards integrating cryptocurrency with traditional payment systems.

— mayhem247ai.wallet (@Mayhem247Ai) July 17, 2023

Gnosis Card Business Model

To acquire the card, users will be charged 30 euros, of which 10 euros will be used to create and deliver the card. The remaining 20 euros will be channelled toward developing the engineering and compliance infrastructure.

On the other hand, Gnosis will make profits from the transaction costs incurred by users during payment. Additionally, the card’s adoption will increase the demand for Gnosis’ native token, GNO, eventually boosting its blockchain ecosystem.

Gnosis Pay will provide crypto wallet developers with a set of tools to create their own version of Gnosis Card. Using these tools, developers will then able to skip the process of building an online payments system and easily provide its users with cards.

Aside from paving the way for other platforms, Gnosis Pay will charge other wallets for issuing their own internal cards.

A Crypto Debit Card

With Gnosis Pay, we're connecting two worlds!

The bridge between on and offchain worlds has always been a challenge, especially with its reliance on centralized systems. The industry and its users have been largely detached from the traditional economy for far too long.

— Gnosis Pay 🦉💳 (@gnosispay) July 17, 2023

“To date, most fiat-to-crypto on-ramps exist only on exchanges, which appeals primarily to traders and not to regular retail users,” said Marcos Nunes, co-founder, and CEO of Gnosis Pay. “We’re pleased to introduce Gnosis Card to help users tear down the wall between their on and off-chain activities.”

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