Gnosis Visa debit card debuts in Europe, letting users buy with euro stablecoin

This comes after Gnosis partnered with Monerium, granting it access to the SEPA payment system

article-image

Kikinunchi/Shutterstock modified by Blockworks

share

The Gnosis Card, a Visa-enabled debit card connected to an on-chain, self-custodial wallet, officially launched Monday on a stage at the Ethereum Community Conference, or EthCC. 

The card and its payment network, Gnosis Pay, have been in development for over a year according to Gnosis CEO and co-founder Martin Köppelmann.

The project combines Visa payment technology with Gnosis’ asset management platform called Safe. 

Gnosis partnered with Monerium earlier this month for European transactions, so now users can pay for items in the real world and online with the Gnosis Card using Monerium’s euro stablecoin, EURe.

At present, this is the only way to successfully complete transactions with the Gnosis Card, co-founder of Gnosis Friederike Ernst told Blockworks. 

“You can have any tokens in the wallet — but if you’re out of EURe the [transaction] will decline. We will open this up to other [stablecoins] in Q4,” Ernst said in an email.

Ernst added that onboarded users can pay at any Visa terminal globally, and that if the payment is not in euros, a foreign currency exchange will occur like with any other Visa card.

Users can also connect their desired wallet to the card, including MetaMask, Coinbase Wallet and more.

In a previous iteration of the project, the card itself was a hardware wallet, which contained a chip holding the private key to sign messages, Ernst explained. 

Gnosis realized this version of the card was impractical for a number of reasons, but mainly, users wouldn’t be able to use the Gnosis Card virtually, such as through Apple Pay or Google Pay.

So the team scrapped that idea and went with the current model: having a smart contract wallet linked to the card that uses token allowances.

“What happens now is that you give Gnosis Pay allowance to your smart contract wallet. This means you don’t need to sign the transaction (tx) every time, with the trade-off that you have to trust Gnosis Pay to not abuse the allowance,” Ernst told Blockworks. 

Ernst also pointed out that decentralized apps (dapps) frequently use token allowances, and like most of those apps, the user can define the allowance with Gnosis Pay. 

If a user loses their Gnosis Card, the assets are stored on Safe. So if that were to happen, a user’s funds wouldn’t be at risk, and they could just order a replacement card.

The project has also developed an application programming interface (API) that allows any crypto community or third-party wallet to issue their own customized Gnosis cards. 

The Gnosis Card will be launching exclusively in the UK and Europe. Compatibility is coming next to the US, Brazil, Mexico, Singapore and Hong Kong, according to a statement from Gnosis.

Updated July 20, 2023 at 12:27 pm ET: Added additional comment from Gnosis co-founder Friederike Ernst. Clarified the Gnosis Card’s function.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member