Gnosis Launches Gnosis Pay and Gnosis Card to Enable Direct Spending of Digital Assets
Gnosis, a blockchain network, has introduced two products that allow users to spend their digital assets directly from wallets using Visa’s payment system. These products are:
- Gnosis Pay: A layer 2 solution on the chain that enables faster and cost-effective transactions.
- Gnosis Card: A self-custodial Visa debit card directly linked to an on-chain wallet, facilitating the transition of crypto assets from centralized exchanges to self-custodial wallets.
Initially available in EU and EEA countries, as well as the UK, Gnosis plans to expand into the US, Brazil, Mexico, Singapore, and Hong Kong by the end of this year. Gnosis Pay currently offers a physical card and web app, with a mobile app in the works. The services support spending of EURe, a stablecoin pegged to the Euro, and are exploring integration with MakerDAO’s decentralized stablecoin, DAI, for future payment options.
Gnosis is also in talks with multiple wallets, including Zerion, Bankless, and 1Inch, who are interested in utilizing their infrastructure.
Hot Take:
Gnosis’s introduction of Gnosis Pay and Gnosis Card represents a significant step in bridging the gap between traditional payment systems and decentralized finance. By allowing direct spending of digital assets, Gnosis is empowering users to retain custody of their funds while enjoying the convenience of Visa-powered transactions. This move showcases the growing adoption of blockchain technology in mainstream financial services.