Gnosis Pay and Gnosis Card are the latest products from the Ethereum-based platform, aiming to bridge the gap between crypto and traditional payments. Read more
Gnosis, a platform for decentralized applications on Ethereum, has announced the launch of two innovative products that aim to bring crypto payments to the mainstream: Gnosis Pay and Gnosis Card.
Pay with Crypto Anywhere
Gnosis Pay is a decentralized payment network that integrates with a traditional payment processor, SaltPay.
Users can pay with crypto at any merchant that accepts SaltPay, without converting their funds to fiat or using a centralized intermediary.
Gnosis Pay also operates as a layer 2 solution on the Gnosis chain, a sidechain of Ethereum that uses proof-of-stake consensus.
This means that transactions are faster and cheaper than on the mainnet while still benefiting from the security and interoperability of Ethereum.
The First Visa Crypto Debit Card
Gnosis Card is a Visa-certified consumer debit card directly connected to the Safe Wallet on-chain self-custodial wallet.
Users can store and manage their crypto assets in their Safe wallet and use their Gnosis Card to spend them anywhere Visa is accepted.
Unlike other crypto debit cards, Gnosis Card does not require users to preload their funds or pay any fees. Users can swipe their card and have their crypto deducted from their Safe wallet in real time at the best available exchange rate.
Gnosis Pay and Gnosis Card are the first products of their kind to incorporate the advantages of decentralized and traditional payments.
They offer users more convenience, control, and choice over how they use their crypto while also expanding the adoption and acceptance of crypto among merchants and consumers.
The idea for Gnosis Card was born when Stefan George, co-founder of Gnosis and chief technology officer of Gnosis Pay, met an executive from SaltPay on a ski trip in the French Alps.
George explained how blockchain technology works and how it could improve everyday payments.
“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. We have to build bridges to the old world.”
Stefan George to CoinDesk
Last July, Gnosis spun out Safe as a separate business but maintained a close collaboration with the wallet provider.
Safe is one of the most popular and secure wallets for Ethereum users, supporting multiple signatures, smart contracts, and integrations with various protocols and applications.
“It’s a symbiotic relationship,” George said. “Safe is supporting Gnosis Pay through the development they’re doing on the smart contract side.”
