Colossus is launching an innovative credit card network aimed at replacing Visa and Mastercard through a direct, KYC-less model that utilizes an Ethereum layer-2 network. This initiative follows the recent collapse of UnCash, which was also a no-KYC service reliant on Mastercard, that ceased operations after facing compliance issues. Colossus’s approach includes eliminating legacy fees traditionally associated with credit cards by employing a stablecoin settlement model, which the company believes will empower users to conduct transactions without the need for personal identification, aligning with the principles of the GENIUS Act. As a small team dedicated to this development, they anticipate their new service will debut in March, challenging existing financial structures while navigating the complexities of regulatory compliance.
You might be interested in …
Anthropic’s Claude exploited in 150GB Mexican data breach
An unknown hacker exploited Anthropic’s AI chatbot, Claude, to steal 150GB of sensitive data from the Mexican government, including voter records and employee credentials, during December 2025 and January 2026. The attacker managed to bypass […]
Ethereum can implement four more in-flight upgrades, says Buterin
In a recent statement, Ethereum co-founder Vitalik Buterin emphasized that the Ethereum network has successfully made significant changes during operation, referring to the successful implementation of “The Merge,” which transitioned the network from proof-of-work to […]
Bhutan launches Solana-backed digital nomad visa with $TER
Bhutan has launched the world’s first digital nomad visa backed by the Solana network, which allows remote workers and digital professionals to reside in the kingdom for up to 36 months. This initiative is part […]