• Gnosis Pay is a collection of developer tools that enable cryptocurrency wallets to create their version of Gnosis Card for users. 

•  Polygon’s zkEVM has partnered with Gnosis Pay to bring about a revolutionary transformation in transaction processes.

Recently, Gnosis announced the release of Gnosis Pay and Gnosis Card. These new offerings mark the introduction of the first decentralized payment network that integrates with a traditional payment processor. Additionally, Gnosis Card is the first consumer debit card certified by Visa directly linked to an on-chain self-custodial wallet.

The Visa payment system powers the operation of the Gnosis Card, which acts as a debit card directly linked to the user’s on-chain account. Users’ wallets, specifically Safe wallets, serve as bank accounts in this context, with each Gnosis Card associated with the user’s Safe account.

In the event of recent developments, Polygon’s zkEVM has partnered with Gnosis Pay to bring about a revolutionary transformation in transaction processes. By leveraging this technology, GnosisPay aims to enhance speed, security, and seamlessness in transacting activities.

Gnosis Pay is a collection of developer tools that enable cryptocurrency wallets to create their version of Gnosis Card for users. This eliminates the need to navigate the complexities of building an online payment system. For example, platforms like MetaMask can issue a MetaMask card effortlessly by utilizing Gnosis Pay’s APIs and tools.

This offering provides an additional revenue stream for Gnosis. It allows them to receive a portion of the proceeds when other wallets utilize their infrastructure to issue their own customized cards.

According to Julian Leitloff, co-founder and CEO of decentralized identity startup Fractal, one of Gnosis Pay’s technical partners, the cost of starting a fintech business has become exceedingly high. 

Utilizing Polygon zkEVM for Enhanced Account Management

Additionally, Gnosis Pay incorporates robust measures to detect and prevent fraudulent activities. The payment solution is constructed on Safe, a well-known smart contract wallet infrastructure that secured a $100 million investment from notable investors like Tiger Global following its spin-off from Gnosis last year.

Each user possesses a Safe account on Gnosis’ Layer 1 chain and another account on zkEVM, the Layer 2 Ethereum scaling solution developed by Polygon. Ernst explains that this setup resembles having separate savings and spending accounts.

When users transfer funds to the Layer 2 (L2) account, compliance partners conduct thorough screening for anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) compliance.

As a result, the L2 account only receives approved funds that users can instantly utilize for transactions through the Visa network. Users retain complete control over their Safes and can transfer funds back from L2 to L1 at any time. Essentially, the L2 functionality serves the dual purpose of ensuring compliance while facilitating high-volume payment processing, which aligns with the core objective of Layer 2 solutions.

However, Ernst asserts that the user remains unaware of these intricate technical complexities. The primary goal is to provide a seamless experience that closely mimics the familiarity of utilizing a traditional credit card.