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.
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