Ethereum

Polygon

<div class="sg-post-des">
 Wirex first launched its crypto debit card in 2015 and currently claims over six million customers.
</div>
<div class="cointelegraph">
 Crypto payment service provider Wirex&nbsp;announced&nbsp;the launch of a zero-knowledge <a rel="noopener noreferrer nofollow" title="proofs" href="https://thebittimes.com/tag/proofs.html">proofs</a>-based non<a rel="noopener noreferrer nofollow" title="-custodial" href="https://thebittimes.com/tag/custodial.html">-custodial</a> <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="debit" href="https://thebittimes.com/tag/debit.html">debit</a> card service called W-Pay.
 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-<a rel="noopener noreferrer nofollow" title="proofs" href="https://thebittimes.com/tag/proofs.html">proofs</a> the answer to Bitcoin’s Ordinal and BRC-20 problem?
 The ZK <a rel="noopener noreferrer nofollow" title="proofs" href="https://thebittimes.com/tag/proofs.html">proofs</a>-based decentralized solution enables card transactions up to a predetermined limit and also supports the integration of decentralized applications (dApps) and non<a rel="noopener noreferrer nofollow" title="-custodial" href="https://thebittimes.com/tag/custodial.html">-custodial</a> 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&nbsp;in June, forcing the company to shutter its services in the European Economic Area (EEA).
 Wirex has not yet responded to Cointelegraph’s request for comments.
 Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
 Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable
 <template data-name="subscription_form" data-type="law_decoded"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/wirex-taps-zk-proofs-for-non-custodial-crypto-debit-card-issuance-tbt65235.html">https://thebittimes.com/wirex-taps-zk-proofs-for-non-custodial-crypto-debit-card-issuance-tbt65235.html</a>

Wirex taps ZK-proofs for non-custodial crypto debit card issuance

TheBitTimes

Other articles published on Oct 5, 2023

Warner Music’s key web3 supporter departs after nearly 10 years

FTX hackers transfer $24.75 million in ETH to BTC via THORChain!

Trust Wallet Token Price Prediction as Team Teases Major Announcement – Where Next for TWT Price?

Nearly half of crypto users invest to boost living standards: Report

Cardano Forms A Bullish Pattern As Traders Open $3.6 Million Worth Futures Positions! What’s Next...

Avalanche Chain Transactions Surge to 577,000 with Launch of Star Arena!

Join our free newsletter for daily crypto updates!