April 19, 2024
Wirex's innovative W-Pay: a decentralized crypto debit card
Latest Cryptocurrency News

Wirex Pioneers Decentralized Crypto Debit Cards with W-Pay and ZK-Proofs

On October 3rd, Wirex, a crypto payment service provider, announced the introduction of W-Pay, a noncustodial crypto debit card service based on zero-knowledge proofs (ZK-proofs). This new decentralized offering by Wirex leverages zero-knowledge technology and is constructed using Polygon’s Chain Development Kit (CDK), with a promise of heightened scalability and security. Polygon‘s CDK has been purposefully designed to incorporate ZK-proofs, enabling businesses and users to create their own ZK-powered layer-2 infrastructure.

Zero-knowledge proof-based scalability solutions have gained popularity within the crypto sphere due to the ZK protocol’s ability to establish the truth of a claim without revealing any specific details about the claim itself. Over time, Ethereum and platforms like Polygon have seen significant development in this area. W-Pay introduces a range of innovative features that empower noncustodial wallets and decentralized applications (DApps) to issue crypto debit cards. Wirex asserts that this decentralized approach eliminates third-party risks, ensuring that account holders maintain complete control over their funds.

Some noteworthy features of W-Pay include swift and secure transactions facilitated by ZK technology, compatibility with the Ethereum Virtual Machine (EVM), and account abstraction, a feature that simplifies transaction processes by eliminating inherent complexities. This ZK-proof-based decentralized solution facilitates card transactions up to a predefined limit and supports the integration of DApps and noncustodial wallets with traditional payment systems. Wirex believes that W-Pay will usher in a new era of on-chain card payment services.

Wirex gained recognition in 2015 for creating the first payment card with cryptocurrency functionality, allowing users to seamlessly use digital and fiat currencies for everyday transactions. The company boasts a customer base exceeding six million and holds principal membership status with Visa and Mastercard. This recent ZK-proofs-based decentralized solution by Wirex comes at a time when the company faced challenges with its card partner, UAB PayrNet. Lithuania’s central bank revoked UAB PayrNet’s license in June, leading to the cessation of its services in the European Economic Area.

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