Wirex, a cryptocurrency payment leader with over 6 million users, is making major advances with its payments-focused App Chain (W-Pay). Through a collaboration with Polygon’s Chain Development Kit (CDK), this ambitious venture is revolutionizing cryptocurrency payments.
Wirex Taps Polygon CDK for Innovative Ethereum Layer 2 Solutions
Recent technical advances have made the Polygon blockchain technology a cryptocurrency industry leader and innovator. Wirex is developing a Layer 2 (L2) chain for payments using this technology because of its potential.
? Exciting News from Wirex! ?— Wirex (@wirexapp) September 5, 2023
? Introducing W-Pay: Our very own ZK-powered App Chain, set to revolutionize the payment landscape!
Wirex’s Polygon CDK choice may be purposeful. This open-source software was created for building Ethereum Layer 2 networks using Zero-Knowledge (ZK) technology and may be used as needed. The Polygon CDK-implemented chains are interoperable and seamlessly connected to the aggregated liquidity of all Polygon chains and have free access to Ethereum’s liquidity. The near-instantaneous completion of transactions and zero-knowledge proofs increase system accessibility.
Wirex CEO Pavel Matveev stressed the importance of this accomplishment by saying Wirex may now shift its payment system to the blockchain. This change simplifies corporate operations and makes the existing financial infrastructure modular, making it more flexible for decentralized applications.
Since it is licensed and regulated and a major Visa and Mastercard member, Wirex is unique in the payment industry. We will initially apply for a non-custodial Visa card connected to Account Abstraction, according to Matveev. AA aims to integrate all 6 million Wirex users into the blockchain by enabling Dapp users to seamlessly participate in real-world digital asset transactions.
Polygon Co-Founder Applauds Wirex’s Adoption of Chain Development Kit
Polygon Co-Founder Jordi Baylina is pleased that Wirex is using the Polygon Chain Development Kit. The author noted that Wirex’s payment chain may innovate and provide new payment applications, helping to spread Web3. Zero-knowledge proofs (zk proofs) and Polygon CDK’s fast finality might help Wirex enrol its six million users on the blockchain network.
The Wirex App Chain uses the ecosystem token WXT as gas. This strategic implementation will improve the Wirex ecosystem’s usability and efficacy. This strategic move is expected to improve token functioning and network demand. Wirex published the app chain due to business interest, bolstering its position as an innovative crypto payment leader. Wirex’s 6 million users and presence in the UK, EEA, APAC, and USA demonstrate the company’s commitment to changing the payment industry.