Gnosis, a leading player in the web3 space, has announced a partnership with global payments giant Visa to launch a crypto ATM card. This collaboration aims to bridge the gap between traditional payments and the world of web3 by enabling users to spend their self-custody crypto assets through regular payment methods accepted by Visa.
The introduction of the Gnosis Pay card during the upcoming Ethereum community conference, EthCC in Paris, signals the company’s commitment to onboard not just the crypto-native community but also mainstream users. The ability to seamlessly convert crypto assets into real-world spending power and vice versa removes one of the major barriers to entry into the crypto market. This move by Gnosis and Visa intends to accelerate the mass adoption of web3 technology by making it more accessible and user-friendly.
Dr Friederike Ernst, the co-founder of Gnosis, expressed enthusiasm about erasing the division between cryptocurrencies and traditional finance. He highlighted the company’s goal of allowing people to use their regular money in the world of crypto and vice versa. This vision aligns with the wider industry trend of bridging the gap between digital currencies and fiat currencies, making them more interoperable.
The Gnosis Card, which will be launched first in the UK and the EU, will provide users with a self-custody solution for their crypto assets. Gnosis also has plans to extend its services globally, with the launch of Gnosis Pay in the US by the end of Q3 in 2023, as well as expansion into Brazil, Mexico, Singapore, and Hong Kong.
The economic model behind Gnosis’ self-custody crypto service is designed to be profitable. The estimated cost of developing and distributing each card is around 10 euros, with an additional 20 euros allocated for engineering and compliance infrastructure. Users interested in obtaining the card will need to invest 30 euros, which will contribute to Gnosis’ revenue stream. Transaction fees generated by the card’s usage will also contribute to the company’s income. Additionally, as the popularity of Gnosis Pay grows, demand for the native token $GMO is expected to increase.
This collaboration between Gnosis and Visa highlights the increasing adoption and integration of cryptocurrencies into traditional financial systems. By offering a crypto ATM card, Gnosis aims to encourage the seamless integration of digital assets into everyday transactions, allowing individuals to experience the benefits of web3 technology in a familiar and user-friendly manner.
As Gnosis expands its services and reaches more regions worldwide, the company’s partnership with Visa positions it as a major player in the growing intersection between crypto and traditional payments. With the goal of making web3 accessible to a broader audience, Gnosis’ collaboration with Visa is a significant step toward mainstream adoption of cryptocurrencies and the realization of a more interconnected and digitized financial ecosystem.
