DeFi
Former Revolut VP of Growth Launches Zeal to Simplify Crypto Spending
Former Revolut employees 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.
Zeal, now available as both a browser extension and mobile app, allows users to create on-chain transactions. Payments as well as daily transactions using a crypto Visa debit card provided by Gnosis.
The news was confirmed by Hannes Graah, 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 difficult – many view crypto as an online casino due to its price volatility,” Graah commented. “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.”
The Zeal payment process is much simpler. Gnosis Pay checks the customer’s token balance in their smart wallet when requesting payment from a merchant. If there are sufficient funds, the payment is approved and the merchant can claim the tokens. These tokens are then withdrawn and converted to fiat currency.
“The lack of biometrics and seed phrases will make this the ideal wallet for anyone getting started with DeFi,” added Friederike Ernst, 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 purchase everyday items with their crypto.”
The launch of Zeal marks a significant 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 mooted in November last year, but its official launch has now been confirmed.
This is not the first time that a former Revolut executive has launched his own company. Ruslan Fakhrutdinov, former head of crypto operations at Revolut, created 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 named X10.
You can learn more about Zeal in the video below:
Revolut to unveil a payment terminal for large businesses
In the meantime,
Revolution also announced a significant update; the company is preparing to introduce a new payment terminal suitable for large businesses, with the aim of expanding its market share among professional customers.
The product is expected to launch in the second half of this year and will serve more than 15,000 merchants who accept in-person payments using Revolut products. This information was shared by Financial News, who spoke with Alex Codina, managing director of Revolut’s Merchant Acquiring business. Codina mentioned that the payment terminal would be ideal for retailers, restaurants and cafes.
Additionally, the company announced plans to increase its global workforce by around 40% in 2024. After recently passing the 10,000 employee mark, Revolut aims to reach 11,500 employees by the end of the year.
Furthermore, Revolut introduced Revolut XA cryptocurrency exchange designed for professional traders in May. This launch makes the company a pioneer in the development of a platform dedicated to cryptocurrency trading within the banking sector.
Former Revolut employees 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.
Zeal, now available as both a browser extension and mobile app, allows users to create on-chain transactions. Payments as well as daily transactions using a crypto Visa debit card provided by Gnosis.
The news was confirmed by Hannes Graah, 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 difficult – many view crypto as an online casino due to its price volatility,” Graah commented. “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.”
The Zeal payment process is much simpler. Gnosis Pay checks the customer’s token balance in their smart wallet when requesting payment from a merchant. If there are sufficient funds, the payment is approved and the merchant can claim the tokens. These tokens are then withdrawn and converted to fiat currency.
“The lack of biometrics and seed phrases will make this the ideal wallet for anyone getting started with DeFi,” added Friederike Ernst, 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 purchase everyday items with their crypto.”
The launch of Zeal marks a significant 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 mooted in November last year, but its official launch has now been confirmed.
This is not the first time that a former Revolut executive has launched his own company. Ruslan Fakhrutdinov, former head of crypto operations at Revolut, created 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 named X10.
You can learn more about Zeal in the video below:
Revolut to unveil a payment terminal for large businesses
In the meantime,
Revolution also announced a significant update; the company is preparing to introduce a new payment terminal suitable for large businesses, with the aim of expanding its market share among professional customers.
The product is expected to launch in the second half of this year and will serve more than 15,000 merchants who accept in-person payments using Revolut products. This information was shared by Financial News, who spoke with Alex Codina, managing director of Revolut’s Merchant Acquiring business. Codina mentioned that the payment terminal would be ideal for retailers, restaurants and cafes.
Additionally, the company announced plans to increase its global workforce by around 40% in 2024. After recently passing the 10,000 employee mark, Revolut aims to reach 11,500 employees by the end of the year.
Furthermore, Revolut introduced Revolut XA cryptocurrency exchange designed for professional traders in May. This launch makes the company a pioneer in the development of a platform dedicated to cryptocurrency trading within the banking sector.