A couple of weeks ago, Gnosis, the group behind the Gnosis EVM sidechain, and Safe (former Gnosis Save), the famous EVM multi-sig walled service launched Gnosis Pay during ECC Paris.
One of the partners behind the project is Monerium which a few months ago created and launched the first regulated Euro stablecoin and offers an easy way to onramp/offramp Euros using a dual regular bank account/crypto account service.
Number or IBAN, is a standardized system of identifying bank accounts across borders that are widely used in Europe. When users send money from a bank account to a wallet-linked IBAN, payments are minted as EURes on blockchains, such as Ethereum and Gnosis, and show up in their wallets. Conversely, when users sign off payments from their wallets, EURes are burned and sent as a euro to their bank accounts.
Gnosis Pay allows you to spend your crypto holdings from a regular EVM account using a Visa debit card, this is the first service that allows you to do so directly from your account, instead of having to transfer your funds to a centralized service providing the debit card service.
The service is offered only to EU citizens at launch but they intend to spread to several countries by the end of the year. Of course, you will have to go through KYC.
This is a very nice option for companies or groups as it allows you to link your card to a Safe multi-sig and better control access to funds.
At its core, Gnosis Pay utilizes Layer-2 (L2) technology, the powerhouse that permits the network to handle significant transaction volumes. The L2 solution employed by Gnosis Pay is constructed on the Optimism bedrock and is finalized by Gnosis Chain L1. Workflow: From Wallet Users to Merchants
The underlying network of Gnosis Pay is robust and interconnected. Wallet users on various platforms, including Optimism, Binance Smart Chain, Polygon, and more, can connect to Gnosis Pay's L2 via liquidity bridges. Similarly, wallet users from Gnosis Chain connect to Gnosis Pay's L2 via native bridges.
Once connected to Gnosis Pay's L2, the next link in the chain is Gnosis Pay's fiat bridges. These bridges serve as essential intermediaries that convert crypto assets into fiat currency. From there, the fiat currency can then be directed to issuers and processors, who help facilitate transactions with merchants.
Features of Gnosis Pay:
Gasless Transactions: With Gnosis Pay, there's no need to worry about transaction fees on the L2, making your transactions effectively gasless.
Instant Confirmation: Gnosis Pay offers near-instant confirmation of transactions, ensuring fluid and rapid financial interactions.
Account Abstraction: Gnosis Pay uses Safe contracts for each account, streamlining user interactions by abstracting away the complexities of gas fee management.
SEPA Integration: Gnosis Pay integrates with the Single Euro Payments Area (SEPA), enabling swift conversion between crypto and fiat currencies, and vice versa.
Cross-Chain Transactions: With Gnosis Pay, you can move assets between blockchains at no cost, thanks to our zero-cost liquidity bridges.
P2P Transactions: Gnosis Pay enables peer-to-peer transactions without the need for KYC (Know Your Customer), democratizing access to digital finance.
KYC/KYT Integration: Gnosis Pay already has KYC (Know Your Customer) and KYT (Know Your Transaction) procedures integrated into the system, ensuring compliance with financial regulations.
Here's the presentation video at ECCParis
