Crypto payment service provider Wirex Announce Launch of a zero-knowledge proof-based, non-custodial crypto debit card service called W-Pay.
Wirex’s new decentralized solution uses Zero-Knowledge technology and is built on the Polygon Chain Development Kit (CDK), promising increased scalability and security. The Polygon CDK was created with a focus on ZK proofs as it enables companies and users to create ZK-powered Layer 2 rails.
A ZK-based scalability solution has become very popular in the cryptocurrency space as a zero-knowledge protocol allows one party to convince another party that something is true without revealing anything other than the fact that the claim in question is true. Over time, Ethereum and the likes of Polygon have seen most of the development related to ZK proofs.
W-Pay offers a set of groundbreaking features that enable non-custodial wallets and decentralized applications (dApps) to issue non-custodial crypto debit cards. The company claimed that the decentralized approach would remove any external risks and ensure that account holders retain sole control of their funds.
Some of the key features of W-Pay include fast 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 simplifies transaction processes by eliminating inherent complexities.
Related: Are ZK Proofs the Solution to the Bitcoin Ordinal and BRC-20 Problem?
ZK’s decentralized, proof-based solution enables card transactions up to a pre-defined limit and also supports the integration of decentralized applications (dApps) and non-custodial wallets with traditional payment paths. The company said that W-Pay will usher in a new era of cross-chain card payment services.
Wirex created the first payment card with crypto functionality in 2015, allowing users to use digital money and paper money interchangeably in everyday transactions. Wirex claims to have a customer base of over six million, and is a major member of Visa and Mastercard.
Wirex’s zk-proofs-based decentralized solution comes amid difficulties with card partner UAB PayrNet. The Central Bank of Lithuania revoked UAB PayrNet’s license in June, forcing the company to close its services in the European Economic Area (EEA).
Wirex has not yet responded to Cointelegraph’s request for comment.
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