Stablecoin-powered finance firm Noah teams up with Web3 infrastructure firm Gnosis to launch USD virtual accounts for stablecoin users in the United States and beyond.
According to a press release sent to crypto.news, the strategic partnership offers the German web3 entity access to the U.S. markets for the first time. The collaboration will introduce USD virtual accounts for users in the United States and abroad.
The USD virtual accounts offer real-time stablecoin-to-fiat conversions, free on and off-ramps, and cross-border payments in over 70 countries. The joint partnership bridges the gap for everyday financial functions, such as payroll, remittances, and B2B transactions, and make them accessible through DeFi platforms.
In addition, the collaboration also gives European Gnosis users in Europe the ability to make transactions in stablecoins and U.S. dollars under regulatory compliance. For users in emerging markets, it provides new ways to earn, save, and transact globally without having to depend on traditional banking systems.
Not only that, the European firm’s ecosystem apps and partners such as Picnic, Zeal, Safe, and Gnosis HQ will be among the first to integrate Noah’s stablecoin-powered infrastructure in the U.S.
Noah CEO Shah Ramezani stated that the goal behind Noah’s partnership with the German-based web3 ecosystem is to make transactions in stablecoin easy, secure, and useful.
“Partnering with Gnosis helps bridge the gap between traditional finance and open, programmable payments, without compromising user control,” said Ramezani in the statement.
Co-Founder of Gnosis (GNO), Stefan George explained that in order for decentralized finance to succeed in mainstream markets, it must be available for usage in people’s everyday lives.
“By integrating with Noah, Gnosis closes the gap between the Web3 values of ownership and transparency, and the real-world need for financial services that simply work,” said George in his statement.
Noah’s programmable API enables real-time settlement of funds for over 50 currencies, allowing applications to embed global payments functionality without relying on traditional systems. The stablecoin startup recently raised $22 million through a seed funding round to scale its operations and develop the infrastructure needed for a stablecoin-powered economy.
