Crypto payment service provider Wirex announced the launch of a zero-knowledge proof (ZK-proof)-based noncustodial crypto debit card service called W-Pay on Oct. 3.
Wirex’s new decentralized solution utilizes Zero-Knowledge technology and is built on Polygon’s Chain Development Kit (CDK), promising increased scalability and security. Polygon CDK has been built with ZK proofs in focus as it enables companies and users to build their own ZK-powered Layer 2 rail.
ZK-proofs-based scalability solution has become quite popular in the crypto space as the zero-knowledge protocol allows one party to convince another party that something is true without disclosing anything other than the fact that the claim in question is true. Over time, Ethreum and the likes of Polygon have seen the most development related to ZK-proofs.
W-Pay offers a range of ground-breaking features that enable non-custodial wallets and decentralized applications (dApps) to issue non-custodial crypto debit cards. The firm claimed that the decentralized approach would eliminate any third-party risks and ensure that account owners retain sole control over their money.
Some of the key features of W-Pay include swift and secure transactions through the integration of Zero-Knowledge technology as well as Ethereum virtual machine (EVM) compatibility and Account Abstraction (AA), a feature that streamlines transaction processes by eliminating inherent complexities.
Related: Are ZK-proofs the answer to Bitcoin’s Ordinal and BRC-20 problem?
The ZK proofs-based decentralized solution enables card transactions up to a predetermined limit and also supports the integration of decentralized applications (dApps) and non-custodial wallets with conventional payment rails. The firm said that W-Pay will usher in a new era of on-chain card payment services.
Wirex created the first payment card with crypto functionality in 2015, enabling users to interchangeably utilize digital and fiat money in daily transactions. Wirex claims to have a customer base of over six million and is a principal member of Visa and Mastercard.
The recent zk-proofs-based decentralized solution from Wirex comes amid difficulties with its card partner UAB PayrNet. Lithuania’s central bank revoked the license of UAB PayrNet in June, forcing the company to shutter its services in the European Economic Area (EEA).
Wirex has not yet responded to Cryptox’s request for comments.
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