Crypto Payment Provider Wirex Launches ZK-Proof-Based Noncustodial Crypto Debit Card Service
Crypto payment service provider Wirex has introduced a new noncustodial crypto debit card service called W-Pay. The decentralized solution is built on Polygon’s Chain Development Kit (CDK) and utilizes zero-knowledge proof (ZK-proof) technology to enhance scalability and security.
The Rise of ZK-Proof-Based Scalability Solutions
ZK-proof-based scalability solutions have gained popularity in the crypto space. The ZK protocol allows one party to prove something is true without revealing any details about the claim. Ethereum and Polygon have seen significant development around ZK-proofs.
Ground-Breaking Features of W-Pay
W-Pay offers various innovative features that enable noncustodial wallets and decentralized applications (DApps) to issue crypto debit cards. This decentralized approach eliminates third-party risks and gives users full control over their funds. Some key features include swift and secure transactions through Zero-Knowledge technology, Ethereum Virtual Machine (EVM) compatibility, and Account Abstraction (AA) for streamlined transaction processes.
Enabling On-Chain Card Payment Services
Wirex’s ZK-proof-based solution allows card transactions up to a predetermined limit and supports the integration of DApps and non-custodial wallets with traditional payment rails. W-Pay aims to revolutionize on-chain card payment services.
About Wirex
Wirex, known for creating the first payment card with crypto functionality in 2015, has a customer base of over six million. It is a principal member of Visa and Mastercard. However, the recent launch of W-Pay comes as Wirex faces challenges with its card partner, UAB PayrNet, due to license revocation by Lithuania’s central bank.
Hot Take: Wirex Revolutionizes Crypto Debit Cards with ZK-Proof-Based W-Pay
Wirex has introduced a game-changing solution in the form of W-Pay, a noncustodial crypto debit card service built on Polygon’s CDK and powered by zero-knowledge proof technology. With features like enhanced scalability, security, and full user control, W-Pay sets a new standard for on-chain card payment services. As Wirex continues to innovate in the crypto space, it solidifies its position as a leading provider of crypto payment solutions.
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