Gnosis will issue a credit card for non-depository crypto wallets
Date: 2023-07-18 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, BUSINESS
At the start, the credit card from Visa will be available only in the European Union and the UK, but later they promise to expand coverage to Brazil, Mexico and Asia
The Gnosis blockchain project has reached a partnership agreement with the Visa payment system to issue its own credit card Gnosis Card. This is reported by TechCrunch with reference to Gnosis co-founder Frederick Ernst.
A key feature of the card will be its availability in conjunction with non-depository (non-custodial) cryptocurrency wallets like MetaMask or Ledger. According to Ernst, the company wants to blur the line between the real and cryptocurrency worlds.
Initially, the Gnosis Card will only be available in the European Union (EU) and the United Kingdom. The exact timing of the launch was not disclosed. Later, the map is promised to be launched in Brazil, Mexico, Singapore and Hong Kong. In the US, the card will work in the third quarter in conjunction with the Gnosis Pay service. Through it, Gnosis Card holders will be able to cash out US dollars available on the card in the form of the DAI stablecoin. The cost of the virtual Gnosis Card will be $30, and you will have to pay $10 extra for the production and delivery of a physical copy on top.
The partner of the Gnosis Card in the EU will be the issuing company of the European stablecoin EURe, Monerium. As part of the campaign, Gnosis will open its API gateway for blockchain developers The technology will allow companies like MetaMask to issue their own credit cards based on Gnosis Pay, says Ernst.
All cryptocurrency sent through the Gnosis Card will fall under the compliance of third-party services, Gnosis admitted. This is necessary to comply with anti-money laundering and anti-terrorist financing requirements. The amount of fees for conducting transactions through the card from Gnosis is not disclosed.
