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Gnosis Pay, a payments solution tied to Gnosis Chain, is set to come out in a little over a week.
It’s the latest in a series of developments for Gnosis, which was founded in 2017 and shifted into a DAO in 2020. GnosisDAO later created the Gnosis Chain and incubated Gnosis Safe, and both products appear to have continued to drive demand.
Gnosis Safe, now known as Safe, spun off from the GnosisDAO in 2022, and now stores more than $39 billion of assets, according to its website. Another estimate shows that the US value of all the ERC-20 tokens in Safe accounts is approximately $58 billion.
With Gnosis readying its payment product — which appears to feature either a credit or debit card — and Safe receiving $100 million as part of their rebrand last July, it’s about time to take a closer look at these intertwined entities.
Safe partners with Monerium for European transactions
Safe said Thursday it will include on- and off-chain euro payment capabilities through a partnership formed with stablecoin issuer Monerium.
Monerium’s fiat solution is set to be integrated on Safe’s platform, making Safe accounts “seamlessly connected to the SEPA payment system, eliminating the need for additional off-chain bank accounts, ramps, or centralized exchanges,” a statement said.
Safe accounts will be able to receive euros from external bank accounts because the Monerium integration will convert the fiat into its euro stablecoin, EURe. And if a Safe account holder wants to send its EURe, a similar process will happen in reverse, the statement said.
MakerDAO wants to deploy Spark Lend on Gnosis Chain
According to a proposal put forth by MakerDAO community member Karpatkey, Spark Lend could be migrating to Gnosis Chain.
Spark Lend, created through the launch of the Spark Protocol in May 2023, is a lending engine powered by Maker, and users can borrow DAI from Maker at a 3.43% interest rate.
Gnosis and Maker have had a longtime partnership: GnosisDAO contributed around $140 million to Maker’s vaults, and GNO, Gnosis’s native token, was already listed as collateral on Spark Lend, according to Karpatkey.
.@karpatkey has put forth a proposal to launch Spark Protocol on @gnosischain!
— Maker (@MakerDAO) July 5, 2023
The formidable Maker-Gnosis strategic partnership could reach new milestones, with @GnosisDAO embracing Endgame and the launch of the first DAI-centric lending protocol on Gnosis Chain.
↓ pic.twitter.com/7PP5GlmZbv
Gnosis chain security upgrade
Gnosis selected Succinct Labs’ Ethereum ZK Light Client as the solution to secure its mainnet omnibridge.
The Gnosis Omnibridge bridges ERC-20 tokens between Gnosis Chain and a number of other chains, including Ethereum, Binance Smart Chain, and the POA Network.
Gnosis told its users that this will increase security for anyone who bridges “assets or data from Ethereum into Gnosis Chain.”
What does this mean for users?
— Gnosis Chain 🦉 (@gnosischain) July 3, 2023
Users who bridge assets or data from Ethereum into Gnosis Chain will now have additional security from @SuccinctLabs’s OmniBridge ZK Validator Smart Contract.
✅ Feel more confident about bridging assets to the Gnosis ecosystem.
The ZK Light Client has been around eight months in the making, with Succinct’s first demo application dropping in November 2022, according to a tweet.
Gnosis Pay coming soon
Though public details surrounding Gnosis Pay have been scant, the product’s launch site offers some solid indications.
There’s an image of the front and back of an upcoming credit or debit card emblazoned with Gnosis’ insignia.
And a hint was dropped about Gnosis Pay in Karpatkey’s Spark Lend proposal.
“This month Gnosis Pay will be launching, allowing the issuance of credit cards. This opens up [sic] many collaboration opportunities with Spark i.e. allowing users to spend from their collateral in Spark,” Karpatkey wrote.
Gnosis Pay was set to launch in mid July, more or less coinciding with the EthCC conference in Paris.