Wirex, a global leader in cryptocurrency payments boasting a user base of over 6 million, has opted for the Polygon Chain Development Kit (CDK) to construct its payment-focused App Chain, known as W-Pay. This strategic move propels Wirex to the forefront of the cryptocurrency payment revolution, harnessing the cutting-edge capabilities of the Polygon blockchain protocol, it said in a statement.
Pavel Matveev, CEO of Wirex, expressed, “Polygon CDK enables Wirex to migrate our existing payment infrastructure onto the blockchain. This transition not only streamlines our operations but also modularizes the conventional banking infrastructure, preparing it for seamless integration into various decentralized applications.”
As a licensed and regulated entity, and holding principal membership status with Visa and Mastercard, Wirex possesses the capacity to craft sophisticated and innovative products within the payment realm.
Matveev added, “One of our initial use cases will involve introducing a non-custodial Visa card linked to Account Abstraction (AA). This empowers every Dapp user to engage in seamless digital asset transactions in real-world scenarios. Our vision is crystal clear: we aspire to bring all 6 million Wirex users fully onto the blockchain.”
Jordi Baylina, Co-Founder of Polygon, expressed enthusiasm, stating, “It is thrilling to witness Wirex’s selection of the Polygon Chain Development Kit (CDK) to establish their own Layer 2 payment chain. Wirex’s payment chain has the potential to revolutionize and introduce new applications in the payment industry, promoting more widespread adoption of Web3 technology. Fortified by zk proofs and boasting near-instant finality, Polygon CDK could serve as the cornerstone for Wirex’s mission to onboard all 6 million of their users onto the blockchain.”
In a dedicated effort to enhance the Wirex ecosystem’s utility, the upcoming Wirex App Chain will utilize WXT, the Wirex ecosystem token, as gas. This move is expected to strengthen the token’s utility and stimulate greater demand from participants within the chain. The decision to launch the app chain stems from the overwhelming interest Wirex has garnered from enterprise players, further solidifying its standing as a trailblazer in the cryptocurrency payment landscape.