Digital payment service provider Wirex has introduced a revolutionary noncustodial crypto debit card service called W-Pay, leveraging zero-knowledge proof (ZK-proof) technology.
In recent years, Wirex has been notable for being the first payments tech firm to launch a crypto enabled card, which it launched sometime in 2015. The firm has since introduced its native utility token, WXT, along with the world's first crypto reward program, Cryptoback™, offering cardholders up to 8% back in WXT for every transaction. Wirex is a core contributor in the Visa and Mastercard payment networks, serving over six million users across 130 countries.
According to a press release by Wirex, W-Pay represents a decentralized solution underpinned by zero-knowledge technology, built using Polygon's Chain Development Kit (CDK). This integration promises to enhance scalability and security. Polygon's CDK has a strong focus on ZK-proofs, enabling users and companies to develop their own ZK-powered layer-2 networks.
In the crypto space, ZK-proof-based scalability solutions have gained immense popularity due to their ability to allow one party to prove the truth of a claim to another party without revealing the claim's details. Ethereum and Polygon have witnessed substantial developments centered around ZK-proofs.
W-Pay introduces pioneering features that empower noncustodial wallets and decentralized applications (DApps) to issue crypto debit cards. This decentralized approach eliminates third-party risks, ensuring that account owners maintain exclusive control over their funds.
Key attributes of W-Pay include rapid and secure transactions facilitated by ZK technology, compatibility with the Ethereum Virtual Machine (EVM), and account abstraction, a feature streamlining transaction processes by reducing inherent complexities.
Polygon 2.0's CDK simplifies settlements on the Ethereum network and provides automatic access to a unified liquidity pool, opening the door to limitless innovation and interoperability.
"W-Pay embodies innovation, facilitating the seamless integration of decentralised applications into established payment and banking infrastructures. Our commitment is to provide a reliable user experience characterised by enhanced security, where users always retain absolute control over their assets," shares Pavel Matveev, CEO and co-founder of Wirex.
W-Pay's breakthrough payments tech emerges amid challenges with Wirex' card partner, UAB PayrNet, following the revocation of UAB PayrNet's license by Lithuania's central bank in June. This setback led to Wirex suspending its services in the European Economic Area.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
