Ex-Revolut employees have launched Zeal, a DeFi wallet and crypto debit card that allows users to spend cryptocurrencies directly on everyday purchases. The launch follows a strategic partnership and $2 million investment from Gnosis, which aims to seamlessly integrate Web3 financial rails into existing payment experiences.
Ex-Revoluter Launch Zeal: A DeFi Wallet and Crypto Debit Card
Zeal, now available as both a browser extension and a mobile app, allows users to make onchain payments as well as everyday transactions using a crypto Visa debit card provided by Gnosis.
The information was confirmed by Hannes Graah, the Founder of Zeal and former VP of growth at Revolut, during the ongoing DappCon in Berlin. The conference is organized by Gnosis, which provided Zeal with the necessary financial support last month.
"Spending crypto is hard — many think of crypto as an online casino due to its volatile price movements," Graah commented. "Zeal's new approach combines a feature-packed EVM-wallet with a Visa card that lets people buy a coffee or connect to Uniswap from the same app. Unlike previous crypto cards that require a fiat balance, the Gnosis Card spends onchain crypto directly."
The Zeal payment process is way easier. Gnosis Pay checks the customer's token balance in their smart wallet upon a merchant's payment request. If the funds are adequate, the payment gets approved, and the merchant can claim the tokens. These tokens are subsequently withdrawn and converted into fiat currency.
"The lack of biometrics and seed phrases will make this the perfect wallet for anyone getting started with DeFi," added Friederike Ernst, the Co-Founder of Gnosis. "We are also particularly excited about the launch of the Gnosis card. This is a huge step in allowing people to actually purchase everyday items with their crypto."
The launch of Zeal marks a milestone in the DeFi space. It offers a convenient and accessible solution for users looking to spend their cryptocurrencies on everyday purchases. The project was first mentioned in November last year, but now its official launch has been confirmed.
It's not the first time a former Revolut executive has ventured into starting their own business. Ruslan Fakhrutdinov, previously the Head of Crypto Operations at Revolut, has established a cryptocurrency exchange after securing an investment of $6.5 million. Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund are among the investors supporting the new exchange named X10.
You can learn more about Zeal from the video below:
Revolut to Unveil Payment Terminal for Large Businesses
Meanwhile, Revolut has also announced a significant update; the company is set to introduce a new payment terminal tailored for large businesses, aiming to expand its market share among business clients.
The product is expected to be launched in the second half of this year and will serve over 15,000 merchants who accept in-person payments using Revolut products. This information was shared by Financial News, which spoke with Alex Codina, the General Manager of Revolut’s Merchant Acquiring business. Codina mentioned that the payment terminal would be ideal for retailers, restaurants, and coffee shops.
In addition, the company announced plans to increase its global workforce by approximately 40% in 2024. Having recently surpassed the 10,000-employee mark, Revolut aims to reach 11,500 staff by the end of the year.
Furthermore, Revolut introduced Revolut X, a cryptocurrency exchange designed for professional traders in May. This launch marks the company as a pioneer in developing a dedicated platform for cryptocurrency trading within the banking sector.
