HomeCryptoDecentralized finance and traditional payments with Visa circuits: the revolution of crypto...

Decentralized finance and traditional payments with Visa circuits: the revolution of crypto company Gnosis

The world of decentralized finance meets the world of traditional payments, such as Visa circuits, and it does so thanks to the crypto world.

Gnosis, a leading blockchain technology company, recently announced the upcoming release of two innovative products: Gnosis Pay and Gnosis Card. 

These innovative solutions mark an important step in the world of decentralized finance, introducing the first decentralized payment network (DPN) and the first self-custodial debit card.

Gnosis and the integration of traditional payment systems such as Visa into DeFi’s crypto ecosystem

Gnosis Pay revolutionizes the payments landscape by providing a decentralized payment network that enables Web3 developers to integrate traditional payment schemes such as Visa. 

This integration opens up the Web3 economy to millions of users who were previously unfamiliar with decentralized finance. Gnosis Card, on the other hand, represents the first officially certified Visa consumer debit card. 

Unlike traditional debit cards linked to a bank account, Gnosis Card connects directly to a self-custodial on-chain wallet, enabling users to enjoy the benefits of decentralized finance.

With Gnosis Pay, cardholders can seamlessly transact anywhere Visa is accepted, offering the same level of convenience as traditional debit cards.

By combining the Visa Debit technology with Project Safe’s smart contract wallet and account abstraction infrastructure (previously incubated by Gnosis and now becoming an industry standard), Gnosis Pay harnesses the power of next-generation Web3 infrastructure. 

In addition, Gnosis Pay uses a customized Layer 2 solution on Gnosis Chain to ensure compliance and scalability as Visa processes thousands of transactions per second.

A major challenge in the blockchain industry has been bridging the gap between on-chain and off-chain systems, which often rely on centralized intermediaries. 

Gnosis Pay addresses this problem by establishing a connection between these two worlds. By facilitating seamless payments, Gnosis Pay aims to engage ordinary users in a more ownership-driven digital economy. 

Payments play a crucial role in global GDP and are therefore a key catalyst for wider adoption of decentralized technologies.

Gnosis Pay and Gnosis Card innovation.

Marcos Nunes, co-founder and CEO of Gnosis Pay, emphasized the importance of Gnosis Card in breaking down the barriers between on-chain and off-chain activities. 

He pointed out that the accumulation of assets in self-storage wallets has set the stage for the entry of self-storage payments in 2023. Gnosis Pay offers a robust self-depositing solution for retail users who wish to use their digital assets in the fiat world.

Gnosis Pay prioritizes security and compliance, ensuring users the same level of fraud monitoring and know-your-customer (KYC) procedures as a traditional Visa card. 

The security model behind Gnosis Chain, which is currently the second most decentralized network after Ethereum, further enhances user protection with more than 125,000 validators in 79 countries.

The versatility of Gnosis Pay goes beyond Gnosis itself. Any organization, be it a decentralized autonomous organization (DAO) or an NFT collective, can leverage Gnosis Pay to issue similar products to its users. 

By providing tools and APIs, Gnosis Pay aims to serve third-party wallets, enabling them to offer their users complete control over their digital assets up to the point of sale. In addition, Gnosis cards are fully customizable and personalizable, offering a unique user experience.

Stefan George, co-founder of Gnosis and CTO of Gnosis Pay, emphasized the company’s commitment to decentralization and innovation in the industry. Gnosis Pay’s technology is open to integration by any entity interested in issuing their cards to their respective users. 

Gnosis seeks to contribute to the broader blockchain industry by bridging the gap between on-chain and off-chain experiences and bringing the real-world utility of blockchain to the mainstream.

A step forward for the crypto world and the world of decentralized finance (DeFi)

Gnosis Pay is in the process of establishing relationships with regulated partners around the world, enabling them to issue payment cards and e-money in various jurisdictions.

Initially launched exclusively in the United Kingdom and Europe, Gnosis Card will soon be available in the United States, Brazil, Mexico, Singapore, and Hong Kong.

The upcoming release of Gnosis Pay and Gnosis Card represents a significant step forward in the adoption of decentralized finance. 

With seamless integration with traditional payment schemes and the ability to make payments on its own, Gnosis is poised to unlock new possibilities for users and bridge the gap between the on-chain and off-chain worlds. 

Gnosis continues to experiment with innovative solutions, remaining at the forefront of driving blockchain innovation and reshaping the future of finance.

Since its inception in 2015, Gnosis has focused on creating predictive marketplaces that provide global access to accurate information. 

Through projects such as Safe, Cow Protocol, Conditional Tokens, Gnosis Auction, Zodiac, Agnostic Relay, and MEV Blocker, Gnosis has consistently pushed the boundaries of decentralized technology.

By combining its expertise in blockchain infrastructure and its commitment to decentralization, Gnosis is poised to reshape the payments landscape and drive further innovation in the industry. 

By expanding partnerships and launching in new jurisdictions, Gnosis is poised to revolutionize the way individuals interact and transact in the digital economy.

The release of Gnosis Pay and Gnosis Card sets the stage for a future where decentralized payments and self-encrypted wallets become the norm, further accelerating mainstream adoption of web3 technologies and driving the next wave of financial innovation.