Wirex taps ZK-proofs for noncustodial crypto debit card issuance

    2023.10.05 | exchangesranking | 1232onlookers

    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’s CDK has been built with ZK-proofs in focus, enabling companies and users to develop their own ZK-powered layer-2 rail.

    ZK-proof-based scalability solutions have become popular in the crypto space as the ZK protocol allows one party to prove to another party that something is true without disclosing any details about the claim itself. Over time, Ethereum and the likes of Polygon have seen the most development around ZK-proofs.

    W-Pay offers a range of ground-breaking features that enable noncustodial wallets and decentralized applications (DApps) to issue crypto debit cards. The firm claimed the decentralized approach would eliminate third-party risks and ensure account owners retain sole control over their money.

    Some key features of W-Pay include swift and secure transactions through the integration of ZK technology, Ethereum Virtual Machine (EVM) compatibility and account abstraction, which is 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-proof-based decentralized solution enables card transactions up to a predetermined limit and supports the integration of DApps and noncustodial wallets with conventional payment rails. The firm said 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.

    Wirex has not yet responded to Cointelegraph’s request for comment.

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