In the dynamic world of cryptocurrencies, a new player is making waves – Gnosis Pay. This decentralized payment network, developed by the Layer-1 Blockchain Gnosis, is set to redefine the way we perceive and use digital assets.
In the current landscape, we find ourselves in a parallel society, Web3, where we can buy digital art like Monkey JPEGs with tokens but not a cup of coffee. The transfer of assets from the real economy to Web3, or vice versa, often requires reliance on centralized crypto exchanges. This is where Gnosis Pay steps in, promising a significant shift.
In conjunction with Gnosis Pay, Gnosis Card empowers users to spend their self-custodial digital assets anywhere Visa payments are accepted. Unlike other Web3 payment cards, such as the Binance Card, the Gnosis Card is not a prepaid card. It directly accesses the assets of the respective self-custodial wallet, simplifying the process.
The technical infrastructure of Gnosis Pay is robust. Wallets are connected to a Smart Contract Account from Safe, which abstracts away the complexity. Monerium, the issuer of the Euro-Stablecoin EURe, is a key partner in this endeavor. Monerium enables each wallet address to receive its own IBAN, facilitating seamless transfers between crypto and fiat currencies.
Gnosis Pay is set to launch in the EU, with plans to expand to the USA in the fourth quarter of this year. The vision is to connect more payment providers, including Mastercard, and make Gnosis Pay available to wallet providers and communities.
In conclusion, Gnosis Pay is poised to bridge the gap between on-chain and off-chain economies. With innovative features like daily spending limits and integrating DeFi protocols, it could become the backbone of a new generation of FinTech companies.
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