Gnosis launches Visa card that lets you spend selfcustody crypto in Europe, soon US and Hong Kong

News Summary

  • Image Credits: GnosisGnosis is also launching Gnosis Pay, a set of developer tools that allow crypto wallets to create a version of their Gnosis Card for users without having to jump through all the hoops of building an online payments system.
  • Unlike IPFS, a popular distributed file storage protocol, this allows Fractal to “ensure data overrides and thus complies with the right to be forgotten.”In other words, the solution lets users control their own data while giving time-locked access to the obligated entity as required by law.
  • The crypto industry, Ernst admitted, is currently dominated by “all these tokens that kind of don’t work anywhere else.”“We’ve always had this really strong line between crypto and the real world.
  • When it enables other wallets to issue their own in-house cards, it also takes a cut from the proceeds.Starting a fintech business has become very costly, argued Julian Leitloff, co-founder and CEO at decentralized identity startup Fractal, one of Gnosis Pay’s technical partners.
  • You need to become a member of Visa, which we are; we are becoming a member of MasterCard as well,” said Ernst.One of the key partners powering Gnosis Card is Monerium, the company that offers the euro-denominated EURe, the only stablecoin regulated in the European Union.
  • Conversely, when users sign off payments from their wallets, EURes are burned and sent as a euro to their bank accounts.Left to right: Martin Köppelmann (Gnosis co-founder), Stefan George (Gnosis co-founder), Marcos Nunes (Gnosis Pay CEO), Friederike Ernst (Gnosis co-founder).
The world of cryptocurrency has often been criticized for being exclusive, catering primarily to speculators and cryptosavvy individuals. Despite this, many advocates believe that the underlying dec [+7437 chars]