Former Revolut employees have launched Zeal, a DeFi wallet and crypto debit card that allows users to use cryptocurrencies directly in their everyday purchases. The launch follows a strategic partnership and $2 million investment with Gnosis, which aims to seamlessly integrate the Web3 finance track into existing payment experiences.

Ex-Revoluter Launches Zeal: A DeFi Wallet and Crypto Debit Card

Zeal is now available in both a browser extension and a mobile app that allows users to make payments for on-chain transactions as well as everyday transactions using an encrypted Visa debit card powered by Gnosis.

Hannes Graah, founder of Zeal and former VP of Development at Revolut, confirmed the news at DappCon in Berlin. The conference was organized by Gnosis, which provided Zeal with the necessary financial support last month.

"It's hard to use cryptocurrencies - many people consider them to be online casinos due to their highly volatile prices," Graah commented. "Zeal's new approach combines a feature-rich EVM wallet with a Visa card, allowing people to buy coffee or connect to Uniswap through the same app. unlike previous crypto cards that required a legal balance, the Gnosis Card allows for cryptocurrencies to be used directly on the chain."

Zeal's payment process is much easier. Gnosis Pay checks the token balance in the customer's smart wallet based on the merchant's payment request. If there are sufficient funds, the payment is approved and the merchant can collect the tokens. These tokens are then withdrawn and converted to fiat currency.

Friederike Ernst, co-founder of Gnosis, added: "With no biometrics or seed phrases required, this wallet will be ideal for newcomers to DeFi. We are also particularly excited about the launch of the Gnosis Card. It's a big step towards allowing people to actually use cryptocurrency to purchase everyday items."

The launch of Zeal marks a milestone in the DeFi space. It provides a convenient and easily accessible solution for users looking to use cryptocurrency for everyday purchases. The project was first mentioned in November last year, but is now set for an official launch.

This isn't the first time that former Revolut executives have tried to start their own businesses. Former Revolut head of crypto operations Ruslan Fakhrutdinov founded a cryptocurrency exchange after securing a $6.5 million investment. Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund are among the investors backing the new exchange called X10.

Meanwhile, Revolut has also announced a major update; the company is launching a new payment terminal tailored to large corporations, aiming to expand its market share among business customers.

The product, which is expected to launch later this year, will serve more than 15,000 merchants that use Revolut products to accept on-site payments. Financial News shared this information and interviewed Alex Codina, general manager of Revolut's merchant acquiring business, who mentioned that the payment terminals will be ideal for retailers, restaurants and coffee shops.

Additionally, the company announced plans to increase its global workforce by approximately 40 percent by 2024. Revolut recently passed the 10,000 employee mark and aims to reach 11,500 employees by the end of the year.

In addition, Revolut launched Revolut X, a cryptocurrency exchange The company launched a platform designed for professional traders in May. The launch of this platform marks the company as a pioneer in the development of specialized platforms for cryptocurrency trading in the banking industry.