Crypto Wallet Provider Launches Gnosis Card, a Custodial Visa Debit Card

The debut of Gnosis‘ new debit card, the Gnosis Card, which makes use of the Gnosis Pay payment network, has been announced.

Crypto Wallet Provider Launches Gnosis Card, a Custodial Visa Debit Card

The card was announced on the Gnosis Pay Twitter account.

With intentions to be available in the U.S., Brazil, Mexico, Singapore, and Hong Kong in Q4, this product will initially be offered in EU and EEA nations in addition to the UK.

What is Gnosis Card?

Users of Gnosis Cards will need to link their wallets in order to use their funds to make payments in the real world. Payments can be made anyplace that Visa is accepted, and instead of requiring you to pre-pay the card, money is simply taken immediately out of your wallet.

This is different from Web2 payment networks because you still have custody of your funds. It is different from Web3 payment cards because it is not prepaid. If you have a Binance card, you load your account with crypto and spend from that balance. With Gnosis Pay, you spend from your self-custodial wallet the moment you tap your card.

Friederike Ernst, Co-Founder Of Gnosis Chain And Gnosis Pay

Gnosis Pay Will Later Integrate DAI

The card will initially only accept purchases made using EURe, a stablecoin linked to the euro. Next up for integration by the Gnosis Pay team is MakerDAO’s decentralized stablecoin DAI.

Currently if you’re out of EURe, it’ll decline the payment. A feature we will add in the future is that if you’re out of EURe but have USDC, for instance, it will ask whether you want to swap (your tokens).

Ernst

On the other hand, Gnosis Pay will initially only be available as a physical card and a web app. There will be a mobile app soon. To register, you must pay 30 EUR.