Fri, Nov 22 2024
Zeal, a DeFi wallet and debit card combo developed by a group of former Revolut staff members, allows direct bitcoin spending on regular products, doing away with the need to convert to fiat money.
Now accessible as a mobile app and browser extension, the Zeal wallet uses a crypto Visa debit card from Gnosis to enable regular and onchain payments.
Following the signing of a strategic agreement with Gnosis earlier this month, which also included a $2 million investment, Zeal was launched.
Hannes Graah, the creator of Zeal and a former vice president of growth at Revolut, states: "Because of its erratic price swings, many people mistake cryptocurrency for an online casino. Wallets' strong emphasis on trading has contributed to the perpetuation of this idea. With Zeal's innovative strategy, users may purchase coffee or login to Uniswap using the same app by combining an EVM-wallet with a Visa card that is jam-packed with features.The Gnosis Card spends cryptocurrency straight on blockchain, in contrast to earlier crypto cards that needed a fiat balance.
Gnosis Pay verifies a customer's token balance in their smart wallet when a merchant demands payment from them. The merchant may claim the money if it is allowed and sufficient. After that, the merchant withdraws the tokens and converts them into fiat currency. For the user, the entire process is seamless and quick.
Friederike Ernst, co-founder of Gnosis, states, "There is no doubt that the Zeal team has created one of the most user-friendly self-custodial wallets in DeFi, based on their experience working at Revolut." "For those who are new to DeFi, this wallet is ideal because it does not require biometrics or seed phrases.The release of the Gnosis card has us especially thrilled. This is a significant step toward enabling users to use their cryptocurrency to buy commonplace goods. Additionally, it makes it possible for our ecosystem to advance significantly in the process of smoothly incorporating Web3 financial rails into current payment methods".
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