From self-custody wallets to self-custody payments: announcing Gnosis Pay

Transcript

everyone yeah all right I'm pretty excited to today uh talk about noses lawn nurses pain actually launched it so I'm Martin from from gnosis yeah and I want to share this project we have been working now uh over a year on and today is the day to to share it with the world so first flashback so five years at this very conference Stefan my co-founder um introduced uh the safe or the Nosa safe back then and what happened then over the years that it really changed uh self-custodial storage

um yeah many well it has become the biggest solution for it and yeah actually billions and billions uh words of assets are now stored in self-custody with people uh controlling their keys and sometimes sophisticated setups and now five years later we believe we are launching something um as significant so now we are here self-custodial uh payments and that's what this presentation will be about so today uh we have on the right side our thriving web 3 economy that we all know and love where you can quickly move assets around the world

um use dexes use all kind of defy have yeah you have this wonderful concept of permissionless innovation everyone is allowed to build new Concepts around existing Concepts and it's thriving but um it's still fairly disconnected from The Real World economy and our day-to-day lives and transactions and yeah the reality is uh to really do something or most of the time to do something in the real world payments let's say you first have to kind of leave this web 3 economy enter yeah often usually centralized Exchange in various sometimes not the

greatest settings and then exit into the old kind of rails and that's what we want to change so we want to say um and this this will change so we want to really have um yeah the real world economy real payments and and all the things you do daily in your life run on web 3 rails essentially meaning bringing it on chain and of course to get all the benefits that we have there so this idea of permissionless innovation self-custody and again all the things we know and love but the question is how do we do that and the strategy we came up with is yeah we thought kind of how did how did

it happen and those who were a little bit older might remember that so Skype when it was a new thing it was a big deal that you could dial directly into a landline and you could buy those credits um and this would allow you to then yeah again dial into a landline and why would you do it well because they did this super nice thing where you always would only pay the uh the local tariffs so if I would whatever call from Germany into the us then on the old kind of uh Telecom infrastructure it was actually quite expensive to do so but with with Skype they would say okay let's do the uh the international part invoice over IP and just kind of the last mile then

it I can kind of dial into into the US landline from the US and only pay um the local tariff now a little bit more than 10 years later that there's doesn't play any role anymore because everything is happening via voice or VIP essentially so even even kind of traditional phones if still someone using it is using them then then probably the the the transaction or the yeah the call is happening over voice over IP and that's exactly how we expect things to play out in the payment world so with gnosis pay we are introducing

extremely efficient yeah connections kind of essentially just dial into landline for traditional payment infrastructure and by doing that we think we provide the path so that eventually we can have uh what the previous slide was about we can have this really real world um transactioning transactions real world stuff um happening on chain so I want to give you two examples the first one is a separate transpair what we enabled is that you can trigger a separate transfer uh via gnosis pay from really any wallet and any chain

so how it looks like is you just select here your asset again on on many networks an asset and here on the right side you see I can directly select an iben any again any separate transfer or any any ibin I I select a name and an amount and I really trigger as you can see on the left side I really trigger this as a separate transfer right from my wallet including um my my save and again this this will then immediately uh result in in in this separate transfer but going a step further we can also do uh the other direction so

what we will do or what we are doing with noses pay is that every um yeah blockchain account address it will be safe gets an individual eye band assigned so it's literally turning the save into a yeah on chain bank account that can receive uh payments not only from you but kind of from wherever you want to receive payments you can receive that on your iban and that will result in um stable coins in your directly minted in in your safe and here is an example I did this transaction um yesterday night sorry on the left side you can see my revolute but this could be any other

banking interface any banking interface that that supports sepa I did a 100 euro transaction um to this yeah Sapa account connected to my save press the transaction and less than two minutes later on the right side you can see the block Explorer so you see the mint so from zero from zero address to my address so stable coins at exactly 100 euros so no fees no kind of really one to one you get what you pay or you you get what you see were minted into this account so this is uh the first example of how we are what we are doing with

um noses pay but we are going a step further so let's look at the architecture so noses pay will be or isn't it Layer Two um we check different Technologies and end up with what we believe is the strongest the uh um yeah ZK what what the polygon guys build was the the KVM um and yeah it's on top of noses chain and it will have all those yeah seamless connections into the traditional payment rails and I gave the separ example I will give the Visa example um in a minute but but essentially every

payment scheme that is out there we are trying to support in that very very native um native way funds enter through nurses chain but thanks to liquidity Bridges and and Bridge aggregators you can really kind of very seamlessly enter from uh from any network you want uh we are to make everything very smooth we are heavily using safe and account abstraction so under the hood there will be those saves but those saves will feel quite different from from a safe view might be used in a team setting where you have multiple owners so here it's really your wallet that controls the safe and and you essentially just sign

messages and everything else will happen very smooth with gas abstraction and yeah sophisticated Rights Management and it it it's it will be mostly hidden from the user the fact that there are safes so diving a little bit more into into individual capabilities so yeah the the transaction costs need to be really really low so we are targeting sub 0.1 Cent per transaction because yeah as you can imagine um they yeah they need to be low um I'm yeah I I think uh skipping most of those but accounts abstraction

um yeah not kind of more sophisticated kyc so there will be the need for kyc but you shouldn't do it all over again so you should own your data you should be able to share them then but let's make it interesting let's uh give you a demo and present the second thing actually the noses card that will be available from essentially um today so if you want to get access to this card and I'm getting yeah [Applause] Marcus are you coming on stage yeah so um so first here in the meantime you can

mince this pull-up if you mince this pour up then you will you can skip the wait list and and essentially get it directly and we are trying something here that everyone advised against a live demo on stage so um so let's let's try that in production so please in the audience someone give me a number between one Euro and 10 euros okay let's make it nine more specific nine point nine point zero six yeah okay 963 okay so 963 production terminal yeah so this is actually a terminal we are using in in full note in Berlin uh and I brought it with us so you have it

oh yeah it's working wait a second setup card reader oh sorry no it's fine it should be connecting car terminal uh oh okay so yeah it is uh currently the phone can't connect to the terminal which is completely outside of uh completely outside of um probably yes too many too many Bluetooth devices in this room right now oh no I don't know

wait wait thank you okay now it should work yes okay so wait yeah so here's what my my nose is pay card let's see I tap it okay and yes so approved perfect [Applause] [Music] but wait I mean never never believe something you don't see Unchained so let's let's try to um let's try to find the transaction on chain um Okay so

uh wait yeah okay so what was the amount 963. so yeah [Applause] cool so what happened is yeah just the proof that um the transaction is actually happening on chain so you are fully in control of your assets until the very moment they are in your save until the very moment you tap the card so the card is available right now for purchase

yeah it costs 30 30 Euros yeah again this transparent pricing you pay exactly what you see we have very nice perks you can personalize it you can actually use your ens name on the card so we really kind of try to make what what's the ideal card for for crypto users so you will be able to use it with any wallet again because the wallet will control your safe and the card has access to the save and even going a step further um what we will enable is we yeah we set up this infrastructure that enables every

Community or every wallet to issue their own cards so every wallet can have their own self or branded card with with their identity and again because the wallet controls the keys controls the access to the save the car it has access to the safe we are really trying to enable to allow everyone essentially to build around the payment as a use case um of of payments so we have seen the the previous presentations like lens or um before that get or kind of create quadratic funding and basically what we're saying is imagine you could tap

into the process of payment imagine every time you do a payment you can connect it to a lens interaction to a quadratic funding to a D5 interaction you can kind of say if I do a payment I take out a loan out of spark or other or whatever or I do a swap right before so essentially we are enabling composability of of the payment process with work three last Point that's where we are available right now uh in in the EU that's where you can buy the cart if you have the card you can use it globally um the other regions of the the region I mean eventually of course we want to be everywhere but that's that's what's

realistically coming uh next after after the EU and last but not least big big shout out um to all the partners so to actually make that happen end to end a lot of projects a lot of things are are uh necessary from yeah on the top you see kind of the the the partners that kind of provides the skateways in this traditional world but then we have a lot of Technology yeah that really aims to then um bring this very very very smooth um experience so thank you [Music]

[Applause] [Music]