DeFi
Former Revolut team launches DeFi wallet and crypto card
A team of former Revolut employees launched Zeal, a DeFi wallet and debit card combination that allows cryptocurrency to be spent directly on everyday items, eliminating the need for conversion to fiat currency.
Zeal Wallet, now available as a browser extension and mobile app, facilitates on-chain and everyday payments using a Gnosis Visa crypto debit card.
The launch of Zeal follows a strategic partnership signed with Gnosis earlier this month, which also includes a $2 million investment.
Hannes Graah, founder of Zeal and former VP of Growth at Revolut, says: “Spending crypto is difficult – many view crypto as an online casino due to its price volatility. Wallets have reinforced this perception by focusing heavily on trading. Zeal’s new approach combines a feature-rich EVM wallet with a Visa card that allows people to buy a coffee or log into Uniswap from the same app. Unlike previous crypto cards that require a fiat balance, the Gnosis Card spends crypto directly on-chain.
When a merchant requests payment from a customer, Gnosis Pay checks the customer’s token balance in their smart wallet. If it is sufficient, the payment is authorized and the merchant can claim it. The tokens are then withdrawn and converted to fiat for the trader. The entire process is instant and transparent to the user.
“Based on their experience working at Revolut, there is no doubt that the Zeal team has created one of the most user-friendly self-custody wallets in DeFi,” says Friederike Ernst, co-founder of Gnosis. “The lack of biometrics and seed phrases will make this the perfect wallet for anyone getting started with DeFi. We are also particularly excited about the launch of the Gnosis card. This is a huge step in enabling people to purchase everyday items with their crypto. This also allows our ecosystem to take a big step forward in seamlessly integrating Web3 financial rails into existing payment experiences.