Visa crypto funds resolution Gleec has launched GleecDEX in partnership with Komodo. Gleec will make the most of Komodo’s atomic swap know-how, AtomicDEX.
GleecDEX is a decentralized buying and selling app, which can let customers trade crypto and fiat currencies. They will do that utilizing Gleec’s Visa debit card, which can be utilized anyplace that accepts Visa.
Whereas most cryptocurrency platforms built-in with conventional cost networks depend on centralized exchanges, funds on GleecDEX will likely be decentralized. It’s because Gleec constructed GleecDEX using the AtomicDEX of Komodo, an open supply know-how and blockchain options supplier.
AtomicDEX permits atomic swaps, a sensible contract know-how that enables the trade of 1 cryptocurrency for one more throughout chain with out utilizing centralized intermediaries. The companions prioritized usability when designing this decentralized migration. That is so Gleec customers can proceed to transact, whereas enabling all customers to commerce on the Komodo Sensible Chain.
The GleecDEX demonstrates how atomic swap know-how is integrating with legacy monetary instruments, equivalent to Visa. On this approach, it’s serving to to bridge conventional and decentralized know-how, with out having to compromise on pace or safety.
Komodo CTC Kadan Stadelmann additionally acknowledged their earlier collaboration with Gleec. “Final yr we labored along with Gleec to supply 51% assault safety via Komodo’s delayed Proof of Work (dPoW) community.”
Visa’s crypto objectives
Gleec’s partnership with Visa helps to allow at the very least two of the 5 potential alternatives outlined by Visa CEO Al Kelly. Throughout Visa’s first-quarter earnings name, Kelly emphasised Visa’s dedication to the crypto area, highlighting 5 key areas for growth.
The primary alternative Kelly talked about was “enabling shoppers to make a purchase order of those currencies or bitcoin.” He acknowledged that the corporate was working with wallets and exchanges to facilitate the acceptance of Visa playing cards to purchase crypto. Gleec’s Visa playing cards actually assist on this respect.
The second alternative is “enabling digital-currency cash-outs to fiat,” Kelly defined. GleecDEX’s integration with Gleec’s Visa card covers this facet. The ultimate three objectives embrace enabling establishments to supply crypto choices to clients, funds settlements, and dealing with central banks.
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