Replacing CEXs one step at a time | Philipp Seifert, Gnosis Pay | ETHTaipei 2024

thank you very much I hope everybody had a great lunch and uh my name is Phillip I'm working with noses and I'm going to talk about payments and uh you might be curious why payments right big topic payments were actually the title of the Bitcoin white paper right what Bitcoin was the uh setting out to do was actually peer-to-peer payments and I don't think we there yet if you ask bitcoiners they would probably give you an answer that Bitcoin is for payments if not you can use lightning but um it's not really there yet we can pay with crypto to some extent there is like these um for example an FDX crypto card what FDX oh it was probably a bad idea right no they still exist and I think they were really the first step but I think this talk um should introduce what we working on which is a a payment Network that I believe is a first step in to uh in actually already in this area where you can pay with Crypt tokens on chain but to give you a little bit of background I guess uh we'll take a minute and see where no is started um I think most of you here or listening they are probably aware of no safe now safe which started born out of this um prodiction Market project the first project of nosus which ended up spinning out of nosus right its own project um now securing over 100 billion worth of tokens similar to cow swap which also spun out of noes right a lot of different projects are still within nosis um but the main ones we should talk about are probably nosis chain and noses pay um which is the black Infinity no but um nois chain the first one probably very interesting because it's a sister chain of ethereum fun fact it's actually the only one that uh um Tech there's I think some issues with uh the display was it just me seeing a PL display from time to time um just now there was a PL display [Music] um um I guess I can try again and continue and see if it's if it works if it keeps on becoming black whe we just we figure something out but um no I think just a quick point about nosis chain S chain of ethereum um the pretty much the third chain after Bitcoin in ethereum um in numbers of validators so that's pretty much the goal of being very decentralized I think you're getting an idea with save C Swap and the stuff we do at nois that um it's kind of the philosophy um and that's the same philosophy with our payments and there comes uh North's pay and speaking about payments what is actually the challenge like why doesn't a peer-to-peer cash payment system actually exist it keeps getting black but uh I'll just continue right I think there's a couple of random points um there's probably much more um some of you probably already paid with crypto that might be with some FDX card or something similar but to be honest like how how many of you have paid with crypto onchain out of your wallet like even myself I remember maybe like two or three times um to some friends right and even they would say like why are you sending me crypto um it's not that easy and part of it is probably um account abstraction is near but it's um it's close by but it's starting and I think might be interesting later on existing payments so if we talk about real world payments right Visa Mastercard um if you go to the family Mar here next door they actually pay a huge fee they are somewhat logged into the existing uh payment payment schemes um it's not that easy to change for them to accept I mean crypto out of your wallet right nobody would exact ex expect um to be able to pay with Bitcoin going to the family mod um and I kind of looking at demand for sure right there probably won't be a lot of people outside of us paying with crypto so what would we need to do to be able to pay with crypto non-custodial directly at a shop Well for now we talked about the FDX card right the still similar crypto cards um in a custodial way that exists today a lot of you would probably um maybe even get paid in crypto they go to a centralized exchange onramp offramp um send the money out of the exchange to a bank account and then pay right just to go to the family M and pay it's a little bit complex but where we need to go of course is being able to pay with your wallet right out of your wallet the question is how can we achieve that and what we did at NIS is basically well instead of asking people to pay directly out of their wallet we look where where can we integrate with the traditional payment Riles while still being able to hold crypto as a user in your wallet and we have to look at the traditional payment um how traditionally payment works right Visa Mastercard there's a long process a lot of um new words like uh the when you tap the card at the payment terminal there's going to be a a Gateway involved acir bank is the bank for family mod for example and there's a scheme like Visa in the issu bank which is would be my bank um I used to um have my Visa Master Card with which is an old system which takes a lot of money and that you actually pay because family M or another shop would just pay that um put that one two to s% on top of any Goods they sell now what we do again we plug in and this is probably the most interesting part here because at noris pay we built the noris card which is a Visa card which is a Visa debit card that actually controls a save on chain on nosus chain in which your stable coins live and every time you tap the card still at an ordinary payment terminal in any shop that supports Visa your tokens are sent at that very moment out of your safe to the payment processor and then everything Visa sees and the banks see and the shop actually receives in the end is just traditionally fired while you still keep control of your funds at any point in time and that sounds pretty straightforward but it's actually um kind of complex and before we get how complex it is or what we can get out of this complexity maybe that means that you control your funds at any moment in time you can actually set a limit a daily limit on chain on your safe everything is on nois chain and when when you when you pay you don't pay a gas fee right you don't even need to notice if you give the card to your parents to pay with at Family M they don't need to know it's actually crypto um they don't need to ask weird questions and uh because it's on safe with gato the tokens are sent out of your safe and at the same time you can on ramp um with zero fees we are getting to this on and off ramp from your card directly or you bridge to noris chain for example with the lifi in the end noris card is our first product right to get to this bigger vision of peer-to-peer payments with um noses pay being this open network and people actually already building on it um aside from people paying with it we had hackathon where people build Solutions on that safe that lives on office chain again it's just a safe working with gato there's two modules safe modules attached to it that allow you for example to set a daily limit again onchain so I can build stuff on top of it I imagine people will build like a reward program to send pups to people that spend a lot of money with their credit card right debit C card and in the background everything non- crypto we also take care of all the compliance kyc um that Visa expects you to do in the end we get this uh long process that I mentioned with a lot of moving Parts involved a lot of companies I would say that's probably not even half the companies that we work with here but essentially when you get a card you do kyc you actually get an iban similar to when you get a bank account with that iban you can send money in Euros to your personal iban that immediately gives you mints stable coins into your save on noses chain that you can access with your car to pay more to that in a minute and there is more in the background like uh other services doing kyt and so on and then you tap the card at the terminal and you pay that's the card and now to the on off ramp maybe just a minute because it seems very interesting that we're working with monium um and then we built a tool it's basically a an um a web app with an integration of lifi for bridge that lets you choose how to onramp to your card again the card is on chain you can onramp to that Euro talken that you use for to pay for now um with um yeah with monium or um pretty much anyway so you can use any bridge to bridge to to nois chain and you can also use monium when you do kyc for the noris pay card you also kyc for monium which is this uh regulated company in the EU they issues a stable coin very similar to other like legit stable coin providers they have a British pound and a Euro stable coin and they have like the specific feature that if when you sign up they give you a personal iban again that means you can send euros and when you send Euros to your personal iban or somebody pays you into your personal IM ban um that automatically Min Euro tokens on chain into your save for zero fee um get 10 in 10 EUR tokens out that also means you can do fun stuff everything being on chain and non-custodial means you can do stuff like Mark did here which is getting your monthly salary in or which is getting money from your or getting tokens any kind of token from validation from proof of stake validation onto your card off- ramping Works in a similar way where this small video shows you how you would in Ur ramp which we actually just published like three days ago connect to monium choose an amount of token you want to move from your wallet or from noris chain in general from your noris pay account to your bank account so the other way around and it's just two trans actions one is on chain and the next one is to your bank from monium so you end up first with the Euro token stable coin and then you end up with Euros in your bank account and that's the it's real time and that's the last transaction to end up with the Euros this is noes pay this is pretty much the first product the nois pay card and a lot of people have been sending us images of them paying for quo or some people gambling as if that's not possible on chain but uh yep it's loading we we only published the first nus cards a couple of weeks ago so people slowly starting to receive their cards they are available in the EU Switzerland and the UK for now but they're slowly starting to actually pay for stuff um which makes Satoshi happy and we're also talking to wallets and other um crypto companies so if you're interested um you can have your custom noes pay card and then to summarize there's a lot of moving parts and I think that's kind of the reason why it took so long um you had a lot of these crypto cards like FDX card but to actually get there to have a card where you store your tokens on chain and every time you pay you actually pay in with tokens in a real shop and nobody looks weirdly at you um that took a lot of time and a lot of people coming together in different companies and I think we're proud that we achieved this if you have any questions um I'm around and there's also our website I think we also have some time to take questions from the crowd so please go ahead any questions uh which ex exchange supports Direct um withdrawals to gnosis because I tried to do this whole thing but I had to buy gnosis on Mex because it's banned in Europe right binance and okay well few exchanges I had to send it to ethereum then from ethereum I had to bridge to gnosis uh no I had to buy X die I think and then send that to gnosis it was quite a tough process I would say y so that's I think first good feedback right right now um there's like two or three ways how to get started with your nosis card right how to charge it up and um I think we did a bad job of putting that on the website and explaining what the best way is so people are like I'm on coinbase and then what do I do but um like a good way is just from an exchange and then after that like to like eth or something else and then bridge and Bridge swap just use lifei um for example or bung um now we have this website just for this purpose but we just published it three days ago so that's not for you um another way of course is monium Right which is also on the EUR website which means you can if you have a European bank account um or British pound you can just mint within like seconds we saw it on a video um the Euro stable coin which is the one you use which is the first stable coin we use for the pay card to pay with right now so it should become easier to charge up your card yeah if not then yeah thank you Phillip thank you everybody