- Gnosis Card is the flagship consumer debit card certified by Visa
- Gnosis Pay is the first decentralized network integrated with a traditional payment processor
Ethereum sidechain Gnosis announced two new product offerings, which could let users with crypto wallets pay for online purchases using Visa and stablecoins, CoinDesk wrote.
Two first-of-a-kind products
Today, Gnosis publicized the release of Gnosis Card and Gnosis Pay. Gnosis Card is the flagship consumer debit card certified by Visa and directly linked to a self-custody blockchain wallet. Gnosis Pay is the first decentralized network that has an integration with a traditional payment processor.
Users’ blockchain accounts are directly linked to Gnosis Card, which is built on the decentralized Gnosis Pay network. Their wallets will serve as bank accounts. Gnosis Pay will also enable more affordable and faster transactions, because it will operate as a layer 2 to the Gnosis chain.
Stefan George, CTO of Gnosis Pay and Gnosis cofounder, told CoinDesk:
It's exactly the same experiences everyone's used to, but under the hood of using crypto to settle your payments.
George got the idea for Gnosis Card when he was skiing in France. He talked to an executive at payment processor SaltPay, which helped him develop his ideas on blockchain technology and its increasing real-life applications.
Building bridges to the old world
George added:
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.
Safe Wallet, a business that is now separate from Gnosis, is used in Gnosis Card and Gnosis Pay. The two entities remain close, and this use proves it. According to George, Safe supports Gnosis Pay through smart contract development. The platform is using smart contracts in every card it is shipping.
Visa is active in the area of stablecoins. Recently, Bankless Times wrote that the payments giant had launched a new project focused on blockchain adoption and stablecoin payments. According to Cuy Sheffield, head of Visa’s crypto division, it is aimed at improving mainstream adoption of stablecoin payments.
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