Wirex Reveals W-Pay: The Revolutionary ZK-powered App Chain for Seamless Issuance of Non-Custodial Crypto Debit Cards

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Oct 03, 2023, 04:00 ET

LONDON, Oct. 3, 2023 /PRNewswire/ -- Wirex, a leader in digital payment solutions, proudly announces W-Pay, a cutting-edge Zero-Knowledge (ZK)-powered App Chain poised to transform the landscape of global payments. Designed to seamlessly connect decentralised applications, non-custodial wallets, and traditional payment infrastructures, W-Pay heralds a new era of efficiency and security in financial transactions.

W-Pay introduces a groundbreaking capability, empowering decentralised applications (dApps) and non-custodial wallets to issue non-custodial crypto debit cards. By eliminating third-party risks, this innovative solution ensures that account owners maintain exclusive control over their funds. Wirex facilitates card transactions up to a predefined limit, facilitating the integration of dApps and non-custodial wallets with traditional payment rails while preserving fund access—a crucial advancement for the burgeoning Web3 industry.

Pavel Matveev, CEO and Co-Founder of Wirex, commented, "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."

Key Features of W-Pay:

ZK-Powered Technology: Ensuring swift and secure transactions through the integration of Zero-Knowledge technology.
EVM Compatibility: Tailored for seamless integration with the Ethereum Virtual Machine, promoting diverse functionalities and interoperability.
Account Abstraction (AA): Streamlining transaction processes by eliminating inherent complexities, enhancing user experience.

Built on Polygon's revolutionary Chain Development Kit (CDK), W-Pay harnesses cutting-edge Zero-Knowledge technology, ensuring enhanced scalability and security. Polygon 2.0's CDK facilitates effortless settlements on Ethereum and provides automatic access to a unified liquidity pool, initiating an era of limitless innovation and interoperability.

Matveev further highlighted the instrumental role of Polygon's technology, stating, "With Polygon's cutting-edge Zero-Knowledge technology, W-Pay is geared to usher in on-chain card payments, showcasing the capacity to process thousands of transactions per second. This milestone is a testament to the unparalleled efficiency and security that blockchain transactions can achieve."

As Wirex continues its relentless pursuit of pioneering solutions, W-Pay emerges as a hallmark of innovation, security, and speed. This ZK-powered App Chain is not just a technological advancement but a catalyst for the seamless convergence of decentralized and traditional financial systems. Every transaction under W-Pay is designed to be swift, secure, and user-centric, setting a new benchmark in the global financial ecosystem.

Notes to editors:

About Wirex

Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space.

In 2015, the company developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life. Wirex launched their own native utility token, WXT, and introduced the world's first crypto reward programme, Cryptoback™, which earns cardholders up to 8% back in WXT for every transaction they make.

As a principal member of Visa and Mastercard, Wirex serves over 6 million customers in 130 countries, offering secure accounts for easy storage, purchase, and exchange of multiple currencies.

Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 80 million locations around the world using the Wirex card.

Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. To reflect the growth of Web3, from 2021, the company has expanded their product to enable mainstream access to DeFi and wealth management. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.

Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.

Wirex is based in London, with offices in Singapore, Kyiv, Lviv, Sydney, Zagreb, and Atlanta. With over $20bn worth of transactions processed already and rapid expansion into new territories, including the US and Australia, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.

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SOURCE Wirex