News Report Technology
September 26, 2024

Zeal Debuts ‘Recharge’ To Enable Users Spend DeFi Yields In Real World

In Brief

Zeal unveils ‘Recharge’ feature to allow users spend from DeFi positions with a Visa card, bridging decentralized and everyday finance.

Zeal Debuts 'Recharge' To Enable Users Spend DeFi Yields In Real World

Self-custodial cryptocurrency wallet provider Zeal introduced ‘Recharge,’ a newly launched feature that allows users in Europe and the United Kingdom to utilize their decentralized finance (DeFi) earnings directly through on-chain Visa cards for transactions at real-world locations, including coffee shops, restaurants, and retail outlets.

“This is a significant step in integrating decentralized finance with daily spending,” stated Hannes Graah, Builder at Zeal, in a written statement. “For the first time, users can earn yield from trusted DeFi platforms and seamlessly spend those assets in the real world, all while maintaining full self-custody,” he added.

Zeal distinguishes itself as the first platform to connect DeFi yields directly with a self-custodial Visa card, allowing users to maintain full control over their assets within the Zeal Wallet. This approach enables users to earn yields independently, without relying on intermediary custodians, while providing an effortless spending process. 

The ‘Recharge’ feature operates in a straightforward manner: users can deposit tokenized USD, EUR, or ETH into DeFi protocols such as Aave, Maker, and Lido through Zeal, potentially earning up to an 8% annual return. Subsequently, ‘Recharge’ automatically transfers assets from these DeFi protocols to the on-chain Safe account associated with users’ Visa cards after each payment.

Assets remain in their original cryptocurrency form within the Zeal Wallet until a purchase is made, at which point the conversion to fiat currency occurs seamlessly at the point of sale, ensuring efficient spending. 

Additionally, this feature integrates with the Gnosis Pay on-chain cryptocurrency card, offering a more convenient experience by allowing users to spend directly from their DeFi yields at any payment terminal.

Enabling Simple Solutions For Everyday Crypto Transactions 

Zeal operates as a self-custodial wallet designed to offer users DeFi solutions along with convenient spending capabilities. By integrating blockchain technology with an intuitive interface, it aims to advance the financial landscape, allowing users to maintain full control over their assets while benefiting from both decentralized and traditional financial systems. 

Recently, Zeal announced a partnership with Gnosis, an Ethereum sidechain, to develop straightforward solutions for everyday self-custodied cryptocurrency transactions, making them as simple as using cash. In support of this initiative, Gnosis invested $2 million in Zeal, increasing Zeal’s total funding to $9 million, following a previous $7 million seed funding round.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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