Wirex Unveils W-Pay: A Zero-Knowledge Proofs-Based Non-Custodial Crypto Debit Card Service
Summary:
Wirex, a leading crypto payment service provider, has announced the introduction of W-Pay, a non-custodial crypto debit card service built upon Zero-Knowledge proofs technology using Polygon's Chain Development Kit (CDK). The innovation aims to enhance scalability, security, and the convincing confidential validity of transactions, removing third-party risks and enabling users to have full control over their funds. Despite recent troubles with card partner UAB PayrNet, the company, which boasts over six million customers, believes W-Pay signifies a new era for on-chain card payment services.
Wirex, a prominent crypto payment services provider, has recently unveiled their non-custodial crypto debit card service, W-Pay, which employs zero-knowledge proofs for enhanced security and scalability. This decentralized innovation from Wirex capitalizes on Zero-Knowledge technology and is constructed on Polygon's Chain Development Kit (CDK), specifically designed with ZK proofs to enable businesses and individual users to establish their own ZK-powered Layer 2 rail.
Given their utility, ZK-proofs-based scalability solutions have rapidly risen to prominence in the crypto industry as they ensure confidential transactions yet convincing proof of the validity of the transaction. Difference-makers like Ethereum and Polygon are leading the advancement in this technology.
W-Pay is designed to revolutionize the industry with its innovative offerings that allow non-custodial wallets and decentralized applications (dApps) to distribute non-custodial crypto debit cards. The company ensures that their decentralized system eliminates possible third-party risks, guaranteeing account holders total control over their funds.
W-Pay's primary features are centered around enhancing transaction speed and security, thanks to the integration of Zero-Knowledge technology. Furthermore, the service is compatible with the Ethereum virtual machine (EVM) and offers Account Abstraction (AA), which simplifies transactions by eradicating inherent complexities.
The ZK proofs-based platform allows for card transactions up to a certain limit and supports the integration of dApps and non-custodial wallets with traditional payment mechanisms. This, according to Wirex, signals the onset of a new epoch in on-chain card payment services.
In 2015, Wirex introduced the first crypto-enabled payment card, enabling users to conveniently use both digital and conventional currencies for routine transactions. The company, a full-fledged member of Visa and Mastercard, boasts over six million customers.
The innovative zk-proofs-based framework was unveiled by Wirex amid troubles with its card partner, UAB PayrNet, whose licence was revoked by Lithuania's central bank in June, forcing the firm to cease its services in the European Economic Area (EEA). Wirex is yet to comment on the situation.
Published At
10/5/2023 12:17:39 PM
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