LONDON, Sept. 5, 2023 /PRNewswire/ -- Wirex, a global leader in crypto payments with over 6 million users, is using the Polygon CDK (Chain Development Kit) to build its payments-focused App Chain (W-Pay).
This positions Wirex at the forefront of the crypto payment revolution, leveraging the advancements in Polygon blockchain protocol technology.
Wirex has opted to use the Polygon CDK, an open-source codebase for launching ZK-powered L2 chains for Ethereum, on demand, to build its own payments-focused L2. All chains deployed using Polygon CDK are interoperable, with automatic access to the unified liquidity of all Polygon chains, and one-click access to the entire liquidity of Ethereum. They also offer the enhanced security of zk proofs and near-instant finality.
Pavel Matveev, CEO of Wirex, commented: "Polygon CDK allows Wirex to transition our existing payment infrastructure on-chain. This move not only streamlines our operations but also makes the traditional banking infrastructure composable, priming it for integration into various decentralised applications."
As a licenced and regulated entity and a principal member of Visa and Mastercard, Wirex is uniquely positioned to craft more advanced and innovative products in the payment domain.
Matveev further added, "One of our initial use cases will be the introduction of a non-custodial Visa card connected to Account Abstraction (AA). This will empower every Dapp user to seamlessly transact with digital assets in real-world scenarios. Our vision is clear: we aim to bring all 6 million Wirex users fully on-chain."
Jordi Baylina, Co-Founder of Polygon says "It is exciting to see Wirex choose Polygon Chain Development Kit (CDK) to build their own L2 payment chain. Wirex's payment chain has the potential to innovate and provide new use cases in the payment industry that can help to drive more widespread adoption of Web3 technology. Secured by zk proofs and with near instant finality, Polygon CDK can become the bedrock for Wirex to pursue their goal to bring all 6 million of their users on chain."
In a dedicated move to enhance the utility of the Wirex ecosystem, the new Wirex App Chain will utilise WXT, the Wirex ecosystem token, as gas. It is expected to bolster the token's utility and generate increased demand from chain's participants. The decision to launch the app chain stems from the overwhelming interest Wirex has received from enterprise players, further proving its position as a pioneer in the crypto payment domain.
Furthermore, Wirex's established presence with 6 million users across the UK, EEA, APAC, and the USA, underscores its commitment to revolutionising the payment landscape. Leveraging its vast user base and industry affiliations, Wirex's W-Pay is poised to redefine how consumers transact in the digital age.
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.
With over 6 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 80 million locations around the world using the Wirex card.
Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex launched their own native utility token, WXT, and introduced the world's first crypto reward programme, Cryptoback, which earns cardholders up to 8% back in WXT for every transaction they make.
To reflect the growth of Web3, from 2021, the company has expanded their product to enable mainstream access to DeFi and wealth management. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.
Wirex is based in London, with offices in Singapore, Kyiv, Lviv, Sydney, Zagreb, and Atlanta. With over $20bn worth of transactions processed already and rapid expansion into new territories, including the US and Australia, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.
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