Wirex, a prominent player in the cryptocurrency payment sector with over 6 million users, is making substantial strides in the world of cryptocurrency payments through its innovative App Chain known as W-Pay. In partnership with Polygon's Chain Development Kit (CDK), this ambitious venture is set to revolutionize the landscape of cryptocurrency payments.
Recent technological advancements have solidified Polygon's position as a leader and innovator in the cryptocurrency industry. Wirex has chosen to develop a Layer 2 (L2) chain for payments using Polygon's blockchain technology due to its tremendous potential. The decision to utilize Polygon CDK is deliberate, as this open-source software is designed for constructing Ethereum Layer 2 networks using Zero-Knowledge (ZK) technology, offering flexibility as needed.
Chains implemented with Polygon CDK are interoperable and seamlessly connected to the aggregated liquidity of all Polygon chains, while also enjoying free access to Ethereum's liquidity. This results in near-instant transaction processing and the utilization of zero-knowledge proofs, significantly enhancing system accessibility.
Wirex CEO Pavel Matveev emphasized the significance of this achievement, stating that Wirex is now in a position to transition its payment system to the blockchain. This transition simplifies corporate operations and modularizes the existing financial infrastructure, making it more adaptable for decentralized applications.
Wirex holds a unique position in the payment industry as a licensed and regulated entity and a prominent member of both Visa and Mastercard networks. According to Matveev, Wirex plans to initially apply for a non-custodial Visa card connected to Account Abstraction (AA). This strategic move aims to integrate all 6 million Wirex users into the blockchain ecosystem, allowing Dapp users to seamlessly engage in real-world digital asset transactions.
Polygon Co-Founder Welcomes Wirex's Adoption of Chain Development Kit
Polygon Co-Founder Jordi Baylina expressed his satisfaction with Wirex's decision to utilize the Polygon Chain Development Kit. He highlighted the potential for Wirex's payment chain to introduce innovative payment applications, thereby contributing to the growth of Web3. The adoption of zero-knowledge proofs (zk proofs) and Polygon CDK's rapid finality could facilitate the onboarding of Wirex's six million users onto the blockchain network.
The Wirex App Chain operates using the ecosystem token WXT as gas. This strategic implementation is expected to enhance the usability and efficiency of the Wirex ecosystem while simultaneously improving token functionality and increasing network demand. Wirex's decision to unveil the app chain underscores its commitment to innovation in the crypto payment sector. With 6 million users and a presence in the UK, EEA, APAC, and USA, Wirex is poised to reshape the payment industry.
In summary, the collaboration between Wirex and Polygon CDK holds great promise for transforming crypto payments. By leveraging Polygon's cutting-edge technology and Wirex's user-friendly platform, this partnership has the potential to make cryptocurrency payments more accessible, efficient, and secure, paving the way for a new era in digital transactions.
