Gnosis debit card in Europe adds euro stablecoin

Gnosis, self-proclaimed as one of the first Ethereum sidechains, announces the Gnosis Card. It allows transfers of euro stablecoin from self-custodial wallets and payments with it.

The product was launched at the Ethereum Community Conference (EthCC), the annual European Ethereum event that took place in Paris on July 17.

Real-world payments

Gnosis has introduced a Visa debit card in partnership with Monerium, enabling users to make real-world and online purchases using Monerium’s euro stablecoin, EURe. By combining Visa’s payment technology with Gnosis’ asset management platform, Safe, users can now easily complete transactions with the Gnosis Card. 

Initially, EURe is the sole stablecoin supported, but Gnosis plans to expand the offering to include other stablecoins in Q4. With this product, the card holders will also have the option to link their preferred wallets, such as MetaMask and Coinbase Wallet.

The Gnosis Card is set to debut in the U.K. and the European Union (EU), with plans to be made available in Brazil, Mexico, Singapore, and Hong Kong. Additionally, Gnosis Pay is preparing to launch in the United States by the end of Q3, in collaboration with MakerDAO, to integrate their USD-denominated stablecoin, Dai, as a viable option for the credit card. 

To ensure sustainable economics, Gnosis has carefully assessed the unit economics of the card, pricing it at €30 for consumers while factoring in the €10 cost associated with card production and distribution. Any surplus is allocated toward engineering and compliance infrastructure.

Not the only crypto card

At the end of February, Visa and Mastercard temporarily halted their involvement in cryptocurrency products due to concerns over market conditions and regulation.

However, shortly after, in March, Gate’s Visa crypto debit card became evidence of Visa’s renewed commitment.

Although the electronic payment giants had initially withdrawn from the sector, they may now be more cautious in the U.S. market. Given ongoing scrutiny regarding crypto regulation in the U.S., interest is growing with the launch of another Visa product for virtual currency transactions in Europe.