This strategic move aims to position Wirex at the forefront of the evolving landscape of crypto payments by harnessing the technological progress offered by the Polygon blockchain protocol.
Wirex's choice to employ the Polygon CDK, an openly accessible codebase designed for launching Ethereum Layer 2 (L2) chains powered by Zero-Knowledge (ZK) technology, allows it to establish its own payments-focused L2 solution. Importantly, all chains created using the Polygon CDK maintain interoperability, ensuring automatic access to the collective liquidity of all Polygon chains and one-click accessibility to Ethereum's comprehensive liquidity pool. Additionally, they provide heightened security through the utilisation of ZK proofs, along with near-instant finality.
Officials from Wirex talked about these recent developments and explained how the Polygon CDK can enable Wirex to migrate its existing payment infrastructure onto the blockchain.
Wirex holds credentials as a licensed and regulated entity, serving as a principal member of both Visa and Mastercard networks. This distinct positioning allows Wirex to conceive and develop more advanced and innovative products within the payment domain.
Wirex officials revealed that one of their initial applications will involve introducing a non-custodial Visa card connected to Account Abstraction (AA). This would allow every decentralised application (Dapp) user to execute seamless digital asset transactions in real-world scenarios. The move is in line with the company's goal to bring all of its users onto the blockchain.
In the official press release, representatives from Polygon expressed excitement at Wirex's selection of the Polygon Chain Development Kit (CDK) for constructing their L2 payment chain. They highlighted the potential for Wirex's payment chain to pioneer new use cases in the payment industry, potentially driving wider adoption of Web3 technology.
In a bid to enhance the Wirex ecosystem's utility, the upcoming Wirex App Chain will employ WXT, the Wirex ecosystem token, as the means for transaction fees (gas). This strategic decision is anticipated to augment the token's utility and generate heightened demand among participants in the chain.
Leveraging its user base and industry affiliations, Wirex's W-Pay initiative aims to redefine how consumers engage in digital-age transactions. W-Pay is constructed on Zero-Knowledge technology, ensuring seamless compatibility with the Ethereum Virtual Machine (EVM).
Furthermore, as it was engineered for swift transactions, W-Pay offers users a rapid and efficient payment experience. In addition, users benefit from automatic and effortless access to shared liquidity across all Polygon chains.
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