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.
Gnosis Pay is the first decentralized payment network that allows web3 developers to integrate with various traditional payment schemes, including Visa, Gnosis said Monday.
Gnosis Card is a Visa-certified self-custodial consumer debit card directly connected to an on-chain self-custodial wallet, rather than a traditional bank account.
Gnosis Pay enables cardholders to make purchases anywhere Visa is accepted, offering the same transactions expected from a traditional debit card.
The system combines Visa Debit technology with the smart contract wallet and account abstraction infrastructure Project Safe.
Marcos Nunes, co-founder, and CEO of Gnosis Pay, stated, "To date, most fiat-to-crypto on-ramps exist only on exchanges, which appeals primarily to traders and not to regular retail users. We're pleased to introduce Gnosis Card to help users tear down the wall between their on and off-chain activities."
Gnosis Pay aims to bridge the gap between the on-chain and off-chain worlds, which until now have largely operated in isolation.
The company believes that payments, as the backbone of the world's GDP, have the potential to significantly impact the adoption of a more ownership-driven digital economy.
Stefan George, Gnosis co-founder and CTO of Gnosis Pay added, "Our mission is to contribute to the industry as a whole and drive innovation across the space, providing new ways to bridge the gap between onchain and offchain user experiences. By opening this tech to all who wish to use it, we are bringing real-world blockchain utility to the mainstream."
Gnosis Pay is establishing relationships with regulated partners globally, licensed and authorized to issue payment cards and electronic money across various jurisdictions.
The Gnosis Card will initially launch exclusively in the UK and Europe, with plans to expand to the U.S., Brazil, Mexico, Singapore, and Hong Kong soon.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.