Zeal Launches ‘Recharge’ to Enable Users to Use DeFi Profits in the Real World
Alyssa Davidson
Posted: September 26, 2024 at 9:00 AM Updated: September 26, 2024 at 9:11 AM
Editing and fact checking: September 26, 2024, 9:00 AM
Briefly
Zeal connects decentralized finance with everyday finance by launching a ‘top-up’ feature that allows users to spend on DeFi positions with their Visa card.
Self-custodial cryptocurrency wallet provider Zeal has launched a new feature, ‘Recharge’, which allows users in Europe and the UK to spend their decentralized finance (DeFi) earnings directly via an on-chain Visa card when transacting in real-world locations, including coffee shops, restaurants, and retail stores.
“This is a major step forward in integrating decentralized finance with everyday spending,” Hannes Graah, Zeal’s founder, said in a written statement. “For the first time, users can earn on a trusted DeFi platform and seamlessly use their assets in the real world, all while maintaining full self-custody,” he added.
Zeal is unique in that it is the first platform to directly connect DeFi yields to a self-custodial Visa card, giving users complete control of their assets within the Zeal Wallet. This approach allows users to earn yields independently without relying on intermediary custodians, while providing a simple spending process.
The ‘Recharge’ feature works in a simple way. Users can deposit tokenized USD, EUR or ETH via Zeal into DeFi protocols like Aave, Maker or Lido to earn up to 8% p.a. After each payment, ‘Recharge’ automatically transfers the assets from these DeFi protocols to an on-chain Safe account linked to the user’s Visa card.
Assets remain in their original cryptocurrency form within the Zeal Wallet until a purchase is made, and are seamlessly converted to fiat currency at the time of purchase, ensuring efficient spending.
Additionally, this feature integrates with the Gnosis Pay on-chain cryptocurrency card, allowing users to spend their DeFi earnings directly at any payment terminal, providing a more convenient experience.
Providing a simple solution for everyday cryptocurrency trading
Zeal operates as a self-customized wallet designed to provide DeFi solutions with convenient spending features for users. It aims to advance the financial landscape by integrating blockchain technology with an intuitive interface, allowing users to enjoy the benefits of decentralized and traditional financial systems while maintaining full control over their assets.
Recently, Zeal announced a partnership with Gnosis, an Ethereum sidechain, to develop a simple solution for everyday self-custodial cryptocurrency transactions, making it as simple as using cash. To support this initiative, Gnosis invested $2 million in Zeal, bringing Zeal’s total funding to $9 million, following its previous $7 million seed funding round.
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About the Author
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
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Alyssa Davidson
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
More Articles