Self-custodial cryptocurrency wallet provider Zeal introduced ‘Recharge,’ a newly launched feature that allows users in Europe and the United Kingdom to utilize their decentralized finance (DeFi) earnings directly through on-chain Visa cards for transactions at real-world locations, including coffee shops, restaurants, and retail outlets.
“This is a significant step in integrating decentralized finance with daily spending,” stated Hannes Graah, Builder at Zeal, in a written statement. “For the first time, users can earn yield from trusted DeFi platforms and seamlessly spend those assets in the real world, all while maintaining full self-custody,” he added.
Zeal distinguishes itself as the first platform to connect DeFi yields directly with a self-custodial Visa card, allowing users to maintain full control over their assets within the Zeal Wallet. This approach enables users to earn yields independently, without relying on intermediary custodians, while providing an effortless spending process.
The ‘Recharge’ feature operates in a straightforward manner: users can deposit tokenized USD, EUR, or ETH into DeFi protocols such as Aave, Maker, and Lido through Zeal, potentially earning up to an 8% annual return. Subsequently, ‘Recharge’ automatically transfers assets from these DeFi protocols to the on-chain Safe account associated with users’ Visa cards after each payment.
Assets remain in their original cryptocurrency form within the Zeal Wallet until a purchase is made, at which point the conversion to fiat currency occurs seamlessly at the point of sale, ensuring efficient spending.
Additionally, this feature integrates with the Gnosis Pay on-chain cryptocurrency card, offering a more convenient experience by allowing users to spend directly from their DeFi yields at any payment terminal.
Enabling Simple Solutions For Everyday Crypto Transactions
Zeal operates as a self-custodial wallet designed to offer users DeFi solutions along with convenient spending capabilities. By integrating blockchain technology with an intuitive interface, it aims to advance the financial landscape, allowing users to maintain full control over their assets while benefiting from both decentralized and traditional financial systems.
Recently, Zeal announced a partnership with Gnosis, an Ethereum sidechain, to develop straightforward solutions for everyday self-custodied cryptocurrency transactions, making them as simple as using cash. In support of this initiative, Gnosis invested $2 million in Zeal, increasing Zeal’s total funding to $9 million, following a previous $7 million seed funding round.
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