Wirex unveils early access to WPay, a decentralised payment network

Thursday 1 February 2024 11:12 CET | News

Wirex has introduced early access to WPay, a decentralised payment network, leveraging the Wirex platform's capabilities.


WPay addresses issues related to intermediaries, custody risks, and slow, expensive settlements, providing users with a smoother and more secure payment experience. Targeting decentralised applications, non-custodial wallets, and DAOs, WPay offers a transformative solution in the digital finance landscape.

Key features of WPay include self-custody, allowing users direct control over assets with the WPay Card to mitigate counterparty risk, digital asset flexibility for easy management of assets, lending, and borrowing, uncompromised security standards, and instant spending capabilities. The WPay self-custodial debit card enables users to spend digital assets in the traditional economy, accepted by over 50 million merchants in more than 200 countries, ensuring direct control over assets without counterparty risk.

Pavel Matveev, CEO and Co-founder of Wirex, emphasizes WPay's role in revolutionising digital asset usage in daily life, merging them seamlessly with traditional transactions. WPay facilitates practical cryptocurrency use beyond mere investment, ushering in a new era of digital asset adoption.

Wirex has introduced early access to WPay, a decentralised payment network, leveraging the Wirex platform's capabilities.


The process involves signing up with WPay, setting up a unique Spending Account Abstraction (AA), integrating it with an Externally Owned Account (EOA) wallet, gaining full self-custody of funds, customising spending limits and preferences, and experiencing efficient transaction settlement in fiat currency with card schemes.

About Wirex

Wirex, a global player in digital payments since 2015, introduced the first crypto-enabled card, serving over 6 million customers across 130 countries. As a Visa and Mastercard principal member, Wirex offers secure accounts for seamless storage, purchase, and exchange of multiple currencies. Embracing Web3 trends, Wirex provides mainstream access to DeFi and wealth management, aiming to drive mass adoption of a cashless society with easy crypto and traditional currency transactions worldwide. Founded in 2014 by Pavel Matveev and Dmitry Lazarichev, Wirex strives to make cryptocurrencies accessible for everyone, with a presence in London and offices globally.

Fighting against the dark web

Recently, Wirex has unveiled a fresh strategy aimed at countering Dark Web activities and money mule threats. As part of this proactive approach, the company has integrated ZeroFox's Dark Web Monitoring tool into its system. This integration combines human and artificial intelligence to actively monitor the Dark Web for potential risks, including leaked data, compromised credentials, and other sensitive information, in real-time.

ZeroFox, a cybersecurity firm based in the US, offers comprehensive visibility and protection across the surface, deep, and dark web. Through this partnership, Wirex seeks to leverage ZeroFox's advanced monitoring capabilities, which issue detailed alerts regarding potential threats, including their severity and escalation status. This proactive approach ensures swift and efficient responses to incidents.

The integrated system is specifically designed to detect and address suspicious account activities, thereby reducing the risk of financial fraud and enhancing the security of user transactions. This initiative is particularly crucial in combating the proliferation of money mule accounts, a significant concern within the financial industry.

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Keywords: DeFi, network tokenisation, crypto, digital assets
Categories: DeFi & Crypto & Web3
Companies: Wirex, Wpay
Countries: World
This article is part of category

DeFi & Crypto & Web3




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