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Gnosis Lets Crypto Users Make Everyday Purchases From Wallets With Visa

Gnosis Lets Crypto Users Make Everyday Purchases From Wallets With Visa

Gnosis Lets Crypto Users Make Everyday Purchases From Wallets With Visa

The crypto-based debit card will allow web3 users to use their stablecoins to pay for products in everyday life.

The crypto-based debit card will allow web3 users to use their stablecoins to pay for products in everyday life.

The crypto-based debit card will allow web3 users to use their stablecoins to pay for products in everyday life.

AccessTimeIconJul 17, 2023, 10:00 AM
Updated Jul 17, 2023, 2:22 PM
Gnosis Pay leadership: Martin Koeppelmann, Stefan George, Marcos Nunes, and Dr. Friederike Ernst (Gnosis).

Gnosis, a sidechain to Ethereum, says a pair of new product offerings could let consumers with crypto wallets pay for online purchases using stablecoins and Visa’s payment system.

Gnosis announced Monday it is releasing Gnosis Pay and Gnosis Card, the first decentralized payment network integrating with a traditional payment processor and the first Visa-certified consumer debit card directly connected to an on-chain self-custodial wallet, according to a Gnosis press release.

Gnosis Card, which uses the Visa payment system, will be a debit card directly connected to a user’s on-chain account, built on the Gnosis Pay decentralized payment network, according to Gnosis. Users’ wallets – in this case Safe wallets – will act like a bank account, and every Gnosis Card will be connected to the user’s Safe account.

Gnosis Pay will also operate as a layer 2 to the Gnosis chain, therefore enabling faster and cheaper transactions.

“From a user experience point of view, it's exactly the same experiences everyone's used to but under the hood of using crypto to settle your payments,” Stefan George, co-founder of Gnosis and chief technology officer of Gnosis Pay, told CoinDesk.

The birth of Gnosis Card came after George was on a ski trip in the French Alps and exchanged ideas with an executive at payment processor SaltPay. George was explaining how blockchain technology works and how it could function in everyday life.

“The idea came that we should try to actually work together to kind of bridge the world between what they are doing and what we are doing. Ultimately, I think that's the only way we can actually get more adoption for crypto,” George told CoinDesk. “We have to build bridges to the old world.”

Gnosis spun out Safe as a separate business last July, but close ties between the two entities remained, as is apparent with the use of Safe wallets in Gnosis’ latest products.

“It’s a symbiotic relationship,” George said. “Safe is supporting Gnosis Pay through the development they're doing on the smart contracts, which we are now leveraging for every single card that's being shipped.”

Edited by Bradley Keoun.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.