Gnosis Pay VS Fiat24
As the demand for accessible and efficient means of utilizing digital assets grows, crypto Visa cards have emerged as a bridge between traditional banking systems and the decentralized realm of cryptocurrencies.
In this article, we delve into a comparative analysis of two prominent crypto Visa cards, examining their features, benefits, limitations, and overall suitability for users navigating the dynamic intersection of finance and technology.
Gnosis Pay
Background
Gnosis Chain is a blockchain infrastructure provider that was first introduced in 2015 as a decentralized prediction market. Since 2022, Gnosis has presented itself as ‘The Community-Run Chain.’ As the community-run chain they’ve built a network of 170k+ validators — the second most decentralized network after Ethereum.
Gnosis Pay is deployed on a custom-built L2 on Gnosis Chain.
Card & Service Overview
✅ Gnosis Card users will be required to connect their wallets to use their funds for real-world payments. Payments can be made anywhere that Visa is accepted, with funds being directly taken from your wallet rather than requiring you to pre-pay the card.
✅ It is different from Web3 payment cards because it is not prepaid. If you have a Binance card, you load your account with crypto and spend from that balance. With Gnosis Pay, you spend from your self-custodial wallet the moment you tap your card.
✅ On launch, you’ll only be able to spend EURe — a stablecoin pegged to the Euro — on the card. The Gnosis Pay team is working to integrate MakerDAO’s decentralized stablecoin DAI next.
✅ A lot of the technical complexities are hidden from the user using account abstraction, made possible by Gnosis’ use of Safe.
✅ On launch, Gnosis Pay will only have a physical card as well as a web app. A mobile app is coming “soon.” It costs 30 EURe to sign up.
Fiat24
Background
Arbitrum is a Layer 2 scaling solution for the Ethereum blockchain that powers fast smart contract transactions while reducing transaction costs. The Arbitrum mainnet was launched in August 2021 with a whitelist of over 400 dApps. This included some of the most popular Ethereum-based decentralised finance (DeFi) protocols, such as Uniswap, Aaave, and Maker DAO.
Fiat24 is built exclusively on Arbitrum.
Card & Service Overview
✅ Fiat24 is a pluggable fiat infrastructure for Web3 wallets. It streamlines the fiat money transfer and payments for both traditional and web3 native users by providing experiences that they’re most comfortable with.
✅ With support most of major payment channels such as SEPA, SIC, SWIFT and Debit Card processings, Fiat24 results in a standard payment provider to web3 users and applications.
✅ Clients mint the Fiat24 NFT and pass a few simple KYC steps in order to open an account, accessible via their preferred non custodial crypto wallet. This enables flexibility, as well as a truly Web3 approach and experience.
✅ Besides the Fiat24 Visa debit card, which is free to get and digital only (used in Apple Pay, Google Pay, Samsung Pay), clients also get a Swiss IBAN account in their name. This is especially useful when converting crypto to real world assets and being able to use send and receive money directly.
Core Differences & Deciding on a Card
Deciding on which card is best for you is a very personal matter and is dependent on many conditions.
To create an easy overview for you regarding Fiat24 and Gnosis Pay, take a look at the diagram below.
The Fiat24 virtual Visa Debit Card is the first card to enable users to spend the crypto they hold in ANY crypto wallet. An account is opened by minting a Fiat24 NFT, which allows users to access payment services with the crypto wallet of their choice, adding to the flexibility and ease of use.
Fiat24 is also an award-winning Fintech License-holder fully regulated by the Swiss Financial Regulator FINMA. Overall, we offer a unique crypto spending experience as a pioneer in the banking and blockchain space.
We hope that this has been helpful and wish you happy spending (whatever you choose)!
Stay connected
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❓ For questions, visit https://fiat24.com/faq
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