Visa Payment Solution Gleec Launches Decentralized Atomic Swap Exchange

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In Brief
  • Visa payments solution Gleec have launched GleecDEX in partnership with Komodo.

  • Atomic swap features allow the exchange of one cryptocurrency for another across chain without using centralized intermediaries.

  • Gleec’s partnership with Visa is helping it to achieve some of its goals with cryptocurrencies.

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Visa crypto payments solution Gleec has launched GleecDEX in partnership with Komodo. Gleec will utilize Komodo’s atomic swap technology, AtomicDEX.

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GleecDEX is a decentralized trading app, which will let users exchange crypto and fiat currencies. They can do this using Gleec’s Visa debit card, which can be used anywhere that accepts Visa. 

Komodo’s AtomicDEX

While most cryptocurrency platforms integrated with traditional payment networks rely on centralized exchanges, payments on GleecDEX will be decentralized. This is because Gleec built GleecDEX utilizing the AtomicDEX of Komodo, an open source technology and blockchain solutions provider. 

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AtomicDEX enables atomic swaps, a smart contract technology that allows the exchange of one cryptocurrency for another across chain without using centralized intermediaries. The partners prioritized usability when designing this decentralized migration. This is so Gleec users can continue to transact, while enabling all users to trade on the Komodo Smart Chain. 

The GleecDEX demonstrates how atomic swap technology is integrating with legacy financial tools, such as Visa. In this way, it is helping to bridge traditional and decentralized technology, without having to compromise on speed or security

Komodo CTC Kadan Stadelmann also acknowledged their previous collaboration with Gleec. “Last year we worked together with Gleec to provide 51% attack security through Komodo’s delayed Proof of Work (dPoW) network.”

Visa’s crypto goals

Gleec’s partnership with Visa is helping to enable at least two of the five prospective opportunities outlined by Visa CEO Al Kelly. During Visa’s first-quarter earnings call, Kelly emphasized Visa’s commitment to the crypto space, highlighting five key areas for development.

The first opportunity Kelly mentioned was “enabling consumers to make a purchase of these currencies or bitcoin.” He acknowledged that the company was working with wallets and exchanges to facilitate the acceptance of Visa cards to buy crypto. Gleec’s Visa cards certainly help in this respect.

The second opportunity is “enabling digital-currency cash-outs to fiat,” Kelly explained. GleecDEX’s integration with Gleec’s Visa card covers this aspect. The final three goals include enabling institutions to offer crypto options to customers, payments settlements, and working with central banks.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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