Overview
In Q4 2025, we executed a full brand relaunch, launched the Gnosis App beta, stabilized and professionalized our core products, and invested in platform-level scalability across Pay, Business, and Chain.
We’re now iterating on the product and offerings with real users, looking for clear pull — and once we see it, we’ll double down.
Gnosis App
Strategy & Direction
- Launched Gnosis App beta (app.gnosis.io) on Nov 26, 2025 in Ireland.
- Entered a phase of product and narrative iteration with early users to validate demand and PMF.
People
- Built initial non-technical foundations:
- Nick Wang (Operations)
- Onur (Customer Relations)
- Bijan Farsijiani (GTM lead, transitioned from BD team)
Product & Business Highlights
- New Cashback Program with Circles
- Together with the Circles team, we launched the cashback program. Cashback on Gnosis App is distributed in Circles. Up to 5% cashback depending on the amount of GNO you hold on the Gnosis App wallet.
- Recovery for everyday users:
- For our target audience (students in Ireland) who are mainstream users, we shipped the ability to recover your account via email through a delay. We’ll be working on a more sophisticated and agency preserving recovery solution over the coming months.
- New Onboarding & Visual Branding
- We shipped a new onboarding flow aligned with the “money-app”/”neobank” strategy.
- A complete rebrand of the app took place in alignment with the Rebrand project that the marketing team undertook.
- Unique Usernames
- Instead of clunky wallet addresses being the only unique identifiers of the account, we have now introduced unique usernames for each account. It simplifies many things and delivers a seamless experience for mainstream users. Our end goal here is to use ENS with offchain resolution for the usernames.
- Bank Transfers out
- We introduced the ability to send Euros to any bank account connected to the SEPA rails (most of EU).
- Reducing Overall Complexity
- We introduced several features & improvements in a bid to abstract complexity around Circles for the everyday user.
- Beta Launch Event in Dublin:
- Together with the Marketing team, we successfully hosted an event with over 100+ students where we had no previous presence, experience or distribution capabilities.
- This helped us lay the groundwork for collaborations with student clubs, societies across Dublin, as well and create brand awareness and more importantly, gather meaningful feedback about the product.
What’s next?
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On the product side:
- Introduce more offers on the marketplace relevant to our target audience
- Introduce an improved system of referrals together with the Circles team. Referrals via links.
- Introduction of a trust score
- New virtual card designs
- Further improve the UX of the app across features.
- Work closely with the GTM team to iterate on feature set that has a strong demand in the target market.
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On the GTM side:
- Focus exclusively on validating PMF potential by finding the first 100 users in our target audience that absolutely love the product.
- Conduct Interviews
- In-person road shows in Ireland
- Kickstart our social media presence across Tiktok & Instagram.
- Lay foundations for scaling up our marketing efforts once we validate demand (local marketing partners, agencies, and so on).
- Focus exclusively on validating PMF potential by finding the first 100 users in our target audience that absolutely love the product.
Gnosis Business
Strategy & Direction
Gnosis Business continues to serve as the financial operating system for businesses with onchain treasuries. Think Safe, but purpose-built for operating a company.
Our focus remains on building a crypto-native, founder-first FinOps stack that connects stablecoins and fiat seamlessly across the Gnosis ecosystem:
- Safe accounts for self-custodial treasuries
- Gnosis Ramps for fiat on/off-ramps and FX swaps
- Gnosis Pay Corporate Cards to spend at 130M+ merchants
- Integrated crypto accounting, compatible with Xero and QuickBooks
While Gnosis Business supports all major networks, the best experience continues to be on Gnosis Chain, where transaction costs are lowest and liquidity for local stablecoins is deepest.
Q4 Highlights
Brand & Positioning
- Launched the product brand, Gnosis Business aligned with the broader Gnosis parent brand. Live on Gnosis.io/business and Gnosisbusiness.com
- Full alignment with Gnosis’ wider product stack: Personal, Business, Developers to better reflect Gnosis as a full payments stack rather than fragmented product lines
Product Development:
Our focus for Q4 was to polish features, clear tech debt and add features that directly impacted how our users were currently using Gnosis Biz and we moved new feature releases to be made in Q1 2026 instead.
Regulatory Releases
- UI/UX updates to meet regulatory status
Reporting Feature Releases
- Added ability to upload documents when exporting transactions on to Xero
- Released Faster Transaction History Pipeline
- Revamped Wallet Management to make it easier to bulk edit details
- Submitted Gnosis Business Mobile App for Appstore review
Payments Feature Releases
- Added email notifications to provide updates for different transaction statuses
- Launched Gnosis Biz Invoices Feature
- Quality of life related feature updates
Infra Related Releases
- Optimised infra utilisation to reduce bill by 25%
- Moved FE away from Vercel and self-hosted it
Current WIP for Q1 2026
- Launch dashboard to show Defi Data
- Launch Payment Links Feature
- Migrate all users to use new data pipeline
- Gnosis Biz API
Gnosis Ramps
- Argentina beta launch
- Launched a live beta for the Argentine market in conjunction with Zeal during Devconnect 2025 in Buenos Aires.
- Users can now on- and off-ramp between Argentinian Peso (ARS) and USDe on Gnosis Chain, directly within the Zeal app.
- This marks our first production deployment of a local-currency ramp paired with a non-USD stablecoin flow.
- Partnerships with Consumer tech and Traditional Finance
- Entered early-stage discussions with traditional consumer platforms and banks to explore full-stack payments partnerships (wallets, FX, settlement, and reporting).
- These conversations are focused on embedding stablecoin rails behind familiar consumer and business interfaces.
- Further details will be shared by end-Q1 2026, subject to partner readiness.
Metrics
Total payment volume: $41.13M YTD across all rails.
- Stablecoin-to-fiat: $6.22M YTD (Q1: $1.34M · Q2: $1.38M · Q3: $2.80M · Q4: $0.69M)
- Crypto-to-crypto: $34.91M YTD (Q1: $30.01M · Q2: $1.21M · Q3: $2.22M · Q4: $1.47M)
User activity:
- New sign-ups: 168 in Q4
- Active accounts for Accounting module (a.k.a Business Plans): 17 in Q4
Gnosis Chain
Technical Updates:
- Chiado encountered an issue in October, that prevents multiple consensus layer clients from syncing the chain, which delayed Fusaka
- We’re close to fixing this, it was delayed because of the Balancer hardfork
- Fusaka is in principle ready and tested (on 4 CL and 4 EL clients), but delayed until the Chiado situation is entirely resolved
- The bridge migration from sDAI to sUSDS was executed without any issues
- Gnosis’ Reth version is now in v1.0.0
- The database structure should no longer changed for the time being
- A full resync is required
- We executed a hard fork on December 22nd to recover the funds lost during the Balancer hack, with 94% validator participation
- Gateway was replaced with Tenderly for the main RPC
- There were some teething issues, but the Tenderly team is very reactive and we’re hopeful for a bright future
- This move comes with a 25x cost reduction
- Started setting up our internal devnet / soft fork infrastructure, with the objective of not relying on Nethermind for this in the future
- Made a lot of progress on everything related to testing (EEST, Hive, …)
Business Development & Ecosystem:
Stablecoins:
- Agora AUSD: Preparing to go live to have a native Layer Zero OFT compatible USD stablecoin native on Gnosis chain. Allowing bridging and usd liquidity to be easily accessible.
- ARST (Argentine Peso) and COPM (Colombian Peso) went live on Gnosis, with liquidity provision pending to have an appointed treasury manager to handle it
- BRZ (Brazilian Real) deployed on Gnosis. Transfero implemented a payments flow on Gnosis Chain, transforming Gnosis into the number one settlement blockchain for Latam-based stablecoins, achieving 80%+ share in txs (source).
DeFi:
- Aave EURe incentives campaign ended, with successful results. Three months after its conclusion, deposits remained consistent, with an average supply APY of 3.5%, which is considerably larger than TradFi (~2%), and total deposits of 16M EURe.
- The Balancer exploit (number one liquidity venue in Gnosis until November 2025), combined with a lack of appointed treasury manager, considerably impacted liquidity on Gnosis Chain. One of the first tasks of the new treasury manager will be to restore and improve liquidity to drive up volumes and activity.
Gnosis Pay
Strategy & Platform Direction
Gnosis Pay continues to evolve from a consumer-first MVP into a scalable payments platform that can support global distribution, multiple partners, and sustainable unit economics — while remaining fully aligned with the Gnosis ecosystem and on-chain adoption. In Q4, our focus was on deep infrastructure upgrades, geographic expansion, and tightening monetization discipline, laying the groundwork for a significant platform step-up in early 2026.
Product & Platform Highlights
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Next-Gen Processing Stack (Gnosis Pay v2)
- Completed testing setup of Gnosis Pay V2 which is a complete rewrite of the entire Gnosis Pay stack, catering to the specific needs of a B2B2C card offering and Integrated Pismo, a wholly-owned Visa processor, as a core component of the new Platform.
- This upgrade enables advanced transaction flows, higher scalability, and greater flexibility to support upcoming partner launches. The new platform will go live in Q1 2026 alongside a new significant distribution partner. Stay tuned!
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Geographic Expansion
- Soft launch in Argentina during DevConnect and Colombia in December. These launches validate our ability to extend Gnosis Pay into LATAM with localized compliance and strong early engagement.
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Apple Pay & Google Pay Acceleration
- In close collaboration with Visa, we advanced our rollout framework to enable faster multi-country launches with Apple Pay and Google Pay support. Additional country expansions will be announced in Q1 2026.
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Ecosystem Enablement
- Supported Gnosis Personal and Circles in the implementation of the CRC cashback program, reinforcing Gnosis Pay’s role as the payments backbone for on-chain consumer applications. Optimised card top up flow and reduced total wait time between deposit and ready to spend from 4 minutes to 25 seconds.
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Partner Network Growth
- 4 new partners went live with Gnosis Pay integrations in Q4, further strengthening distribution, transaction density, and ecosystem reach. A total of 17 projects have now signed contracts to integrate with Gnosis Pay- effectively building financial infrastructure on top of Gnosis Pay.
- Signed a major deal with a wallet with global reach where Gnosis Pay will move beyond Gnosis Chain, expanding our addressable market.
Financials & Performance
User Metrics
- 147,469 total sign-ups
- 71,322 cards activated
- 14,695 active users in Q4 (+17.3% QoQ)
Transaction Activity
- 621,480 payment transactions in Q4 (+6.7% QoQ)
- ~1.9M transactions processed in 2025 (5.6× YoY growth)
Transaction Volume
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$32.5M processed in Q4 (-1.3% QoQ)
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$110.2M processed in 2025 (4.6× YoY growth)
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Q4-25 Currency Mix Dynamics:
- USD volumes +73.2% QoQ
- EUR and GBP volumes -7.6% and -4.1% QoQ, respectively
The decline in EUR/GBP volumes was expected, reflecting changes to the GNO cashback program as Gnosis Pay transitions toward a more sustainable growth model. We observed fewer high-value, cashback-intensive transactions, alongside an increase in everyday usage and transaction count.
Cashback Efficiency
- Cashback expenses -11.5% QoQ
- TPV down 1.3% QoQ, highlighting materially improved incentive efficiency
Revenue
- Revenue increased +9.3% QoQ to $131K
- Revenue per active user remained stable
- No FX fees yet applied on international transactions
- Several monetization levers, including FX, premium services, and additional network fees, are planned for progressive rollout in 2026.
Looking Ahead
Q4 marked a transition quarter: less about top-line volume at any cost, and more about building a durable, extensible payments platform capable of supporting partners, global distribution, and long-term value accrual.
With Gnosis Pay v2, a strengthened Visa relationship, expanded LATAM footprint, and monetization discipline now in place, Q1 2026 represents a meaningful inflection point for the platform.
Circles
Numbers
- 55% increase in the number of active minters, from ~2400 to ~3700, within Q4. Active minters are accounts that have created at least 80% of their CRC within a rolling window of the last 14 days.
- 30% increase in number of backers to ~550
- 15% increase in registered accounts to ~11k
Strategy
Following 3 months in which we tried to identify beach head use cases for Circles both within the Gnosis App (cashback, marketplace,…) and additionally with other target audiences and communities, we decided to go all-in on the Gnosis App and its target audience in our validation efforts going forward, at least for Q1’26. This decision is driven by the following considerations:
- Focus: We found that we were unable to develop the required momentum with our validation efforts by target different audiences in parallel
- User Pull: First interviews with Gnosis App users showed that Circles is experienced as one of the most interesting aspects of the App, motivating us to follow that pull and double-down on understanding the value propositions we can contribute to Gnosis App.
- Distribution Lever: While Circles is built and advertised as a platform and protocol that everyone can build on, Gnosis App of course provides the distribution channel for Circles. With distribution being probably the toughest GTM dimension for Circles to get right, doing all we can to ensure Circles remains a strong contributor to the Gnosis App value proposition is strategically imperative.
People
- Ann left the team as community lead
- We welcome Tobias as new backend engineer
- We’re hiring a Marketing Manager to focus on evangelising the bigger vision with an expanded target audience.
Product/Highlights
- CRC Cashback: Together with the App team, we successfully launched the CRC cashback.
- Marketplace: In preparation for more expressive marketplace offers on the Gnosis App, including the shipping of physical goods, we built a marketplace framework that can also by used by external teams for offering goods and services in exchange for CRC
- Devconnect/ETHGlobal: We had a couple of great submissions for our ETHGlobal participation, in particular two winning submissions for our p2p microlending track.
- Invitations at scale: We can now generate invitation quotas for evangelists and community leads, enabling simpler UX for onboarding larger groups of people at once. We successfully tested this at OIC events in Sao Paulo and Edge City Patagonia as well as Devconnect.
- Trust Score: We launched two new scores: A risk score for Sybil-detection and a trust score that is easy to calculate and intuitive to predict. This score will be user-facing to simplify the notion of trust and help naive trusting behaviour.
- Proof of Humanity integration: We onboarded PoH as the first external proof-of-personhood protocol. There exists a group with exclusive access to users verified on PoH.
- New Circles-SDK release v0.1: Simplified interface and dropping support for Circles v1, which creates a much simpler building experience.
- More reliable transactions: We significantly increased the reliability of CRC transactions and swaps in Gnosis App.
Next Up
- More marketplace offers
- More and better content explaining and justifying Circles and its concepts
- User validation sprint for Circles use cases within Gnosis App
- Increasing utility further by evaluating ways to bring more privacy and social functionality into Circles and groups in particular.
- More partnerships with identity protocols.
Marketing
The Marketing Team’s focus in Q4 was to execute the Gnosis brand relaunch, as well as multiple activations around DevConnect, and the launch of the Gnosis App in Ireland. Bringing everything together under a banner of ‘Fork Banks. Bank on Gnosis.’
- Brand unification and relaunch executed.
- Brand narrative refined and codified.
- New visual identity deployed across channels.
- Unified website deployed on gnosis.io.
- Refined event strategy executed at DevConnect.
- BD dinner with over 100 curated guests.
- Consistent booth presence at the venue.
- Partnership with WalletConnect event.
- Guerilla Marketing / content with our “banker”.
- Consumer product launch with Gnosis App in Ireland.
- Oversubscribed launch event in Dublin.
- Over 90% of student signups turned up on the night.
- 38% downloaded the app that evening.
- Community growth has kicked off and we’re iterating.
- Formed a partnership with a strong GenZ marketing agency.
- Strengthened our presence on social media leveraging the main narrative and increasing our use of multi-media assets. More to be done here.
- Sustained visibility via speaker opportunities, in podcasts and on interviews.
- 1 tier-one fintech trade placement and 3 podcast episodes published.
Next up:
- Iterate and grow the Gnosis App.
- Continue user research and messaging to find PMF and narrative-market-fit.
- Develop our presence on TikTok and Instagram.
- Build out our community program.
- Own our place in the crypto “Values” narrative.
- Embed the brand fully across all activities and ramp up visibility and engagement with topics including Stablecoins, Neobanks, and Adoption.
- Support our product suite at events, on social, via PR, and partnerships.
- Refine and ramp up our IRL presence.
- EthCC as a focal event for Q1 2026.
- Develop and roll out a grass roots events program.
- General Marketing Improvements.
- Restart CRO for Gnosis Pay and Business (paused for website relaunch).
- Continue SEO and GEO content program - (carefully) leveraging AI.
- Continue to improve presence and engagement on social media.
- Develop and roll out the partner co-marketing playbook.
- Work with the community and the DAO to improve communications and transparency.
HR
Headcount
- October 1, 2025: 130
- December 31, 2025: 132
Team reorg: Our Gnosis Pay tech lead left the team in December. In the interim, the VP of Technology will oversee the team while we search for an experienced tech lead with a background in the payments industry.
Finances
We’re still working on the numbers for Q4, will add when I have them (until EOM).
Update from Jan 27:
Please find the summary below, the full breakdown is linked here.
| Budgeted Q4 | Spent | |||
|---|---|---|---|---|
| Product Development | 3,875,000 | Product Development | 2,446,200 | |
| Core and Infrastructure | 900,000 | Core and Infrastructure | 1,193,452 | |
| BD & DevRel | 962,500 | BD & DevRel | 261,128 | |
| Marketing and Design | 508,750 | Marketing and Design | 460,274 | |
| Legal | 406,250 | Legal | 284,467 | |
| Finance | 147,500 | Finance | 205,893 | |
| Personnel Overheads | 375,000 | Personnel Overheads | 157,209 | |
| Other Personnel | 341,875 | Other Personnel | 377,638 | |
| 7,516,875 | 5,386,261 |
As always: Please add any questions or comments, we will gladly address them :-).