By
Bena Ilyas
April 30th, 2024
Gnosis is keen on showcasing to the entire world how Web 3.0 can be used to bridge the gap between self-custodial crypto wallets and traditional payment methods.
Gnosis, a popular blockchain project among developers, is set to release a pair of new product offerings. The sidechain to Ethereum revealed on Monday that it would be launching what it calls the ‘Gnosis Pay’ and ‘Gnosis Card’.
According to the announcement, the Gnosis Card will be a debit card that will be directly connected to a user’s on-chain account. The card, according to the project, uses the Visa payment system, and will initially launch in the UK and the EU. However, there are plans to also extend the offering to other regions including Brazil, Mexico, Singapore, and Hong Kong.
Gnosis Pay, on the other hand, will operate as a layer 2 to the Gnosis chain itself. That is, the new decentralized payment network will usher in an era of faster and cheaper transactions than what was previously obtainable.
Speaking about Gnosis Pay, Stefan George, who is the chief technology officer (CTO) says:
“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.”
Gnosis Pay will be launching at the major Ethereum community conference EthCC in Paris. However, according to Gnosis’s co-founder Dr. Friederike Ernst, the ultimate aim is to take the system even beyond the crypto community.
Gnosis Seeks to Ease the Burden of Spending in Crypto
For long, the crypto industry has often been condemned as being exclusive to only crypto enthusiasts and advocates. This is although its underlying technology has been tipped to have the potential of benefitting the broader society.
To this end, Gnosis is keen on showcasing to the entire world how Web 3.0 can be used to bridge the gap between self-custodial crypto wallets and traditional payment methods such as Visa.
It might be noteworthy that there has been an unprecedented rise in the number of users using self-custodial wallets such as MetaMask and Ledger. That is especially since the implosion of FTX last November.
But despite this increasing popularity, real-world spending of assets in self-custody continues to pose a major challenge. In line with this challenge, Ernst also said partly:
“We’re trying to erase this bit by bit so people can use their real-world money in crypto and use their crypto to pay for things in the real world.”
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