This new card enables users to spend cryptocurrency at any merchant that accepts Visa, covering over 130 million locations in more than 200 countries.
Visa has been actively engaging with the cryptocurrency industry. In December 2022, the company announced plans for automatic payments from self-custodial wallets using StarkNet. Additionally, Visa began using Solana for USDC merchant settlements last year.
Early users of the Gnosis Pay card can join a whitelist for an ‘OG NFT,’ which offers exclusive rewards and real-life experiences. These early adopters will also benefit from zero fees, including transaction fees, foreign exchange fees, and off-ramp fees.
The Gnosis Pay Visa Card will be available in Euros and will initially be accessible to residents of 32 European countries. There are plans to expand availability to the US, Brazil, Mexico, Indonesia, and Mexico.
This partnership aims to simplify the use of digital currencies for everyday transactions, enhancing efficiency for users. In February 2024, Gnosis Pay distributed its first batch of Gnosis Cards across Europe. The partnership with Visa is expected to accelerate the program's growth.
The collaboration offers two main benefits for business partners. Traditional finance entities gain an entry point into blockchain technology, providing customers with solutions that integrate traditional reliability with blockchain efficiency. Concurrently, Web3 and blockchain companies can make their services more applicable to everyday transactions, reaching a wider audience.
The Gnosis Pay crypto-linked Visa card utilizes blockchain technology to enhance compliance practices, improving the monitoring of fund sources and transaction paths. Gnosis Chain's transparency in digital payments facilitates precise tracking of fund origins and movements, strengthening anti-money laundering efforts and overall financial security.
The partnership between Gnosis Pay and Visa aims to expand offerings and innovative use cases. Gnosis Pay can offer instant access to cash post-payment, potentially reducing backend costs such as collateral expenses. This setup allows customers to benefit from the global acceptance of fiat currency while maintaining the advantages of digital money, facilitated by Gnosis Pay and Gnosis Chain.
The partnership will initially target the UK and EEA markets, with plans for rapid global expansion.
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