Wirex, a Web3 money application, recently unveiled its new payment solution, Wirex Pay, designed to facilitate transactions using cryptocurrencies directly from users’ non-custodial wallets. This development reflects a growing trend toward decentralized financial tools and away from reliance on centralized platforms, driven by a series of high-profile collapses in the crypto industry.
On October 9, Wirex made the early access version of the Wirex Pay app available to select users. This initiative enables these users to conduct daily transactions using cryptocurrencies, fostering greater integration of digital assets into everyday commerce. The move comes as part of Wirex’s broader strategy to bridge the gap between cryptocurrency and traditional financial transactions.
Addressing Trust Issues in the Crypto Space
Pavel Matveev, co-founder of Wirex Pay, discussed the initiative in a recent interview with Cointelegraph. He noted that the collapse of platforms like FTX and Celsius had eroded trust among crypto users. In response, Wirex Pay has been developed to restore confidence by offering users full control over their funds. This is achieved through advanced security features such as private keys and multisignature methods.
Wirex Pay is designed with a focus on security and user autonomy. Matveev explained that the app operates by allowing users to set a spending limit, over which the app cannot access funds. This ensures that users retain control over their assets while enabling convenient transactions. The launch of Wirex Pay marks a significant step in removing barriers between cryptocurrencies and daily spending, emphasizing user empowerment and security.
Eligible users interested in utilizing Wirex Pay must complete a 10-step process to start using the service. This process includes:
- Ordering a non-custodial plastic or virtual card
- Completing KYC verification
- Connecting a cryptocurrency wallet
- Depositing funds into their account
Supported Cryptocurrencies and Geographic Availability
Wirex Pay currently supports cryptocurrencies such as Tether, USD Coin, and Dai for account top-ups and payments. The service is available in 54 countries worldwide, although it is not offered in the United States. Additionally, users can bridge holdings from the Ethereum blockchain to use in transactions, subject to gas fees.
For those new to cryptocurrency wallets or seeking more information, Cointelegraph offers a guide on the history and evolution of cryptocurrency wallets, providing valuable insights into this crucial aspect of the crypto ecosystem.
The recent partnership between Mastercard and European crypto payments infrastructure provider Mercuryo highlights the ongoing integration of non-custodial wallet technology with major payment networks. Christian Rau, Senior Vice President of Mastercard’s crypto and fintech enablement division, emphasized Mastercard’s commitment to enhancing the self-custody wallet experience through strategic partnerships.
| Feature | Description |
|---|---|
| Wallet Type | Non-custodial wallets |
| Security Features | Private keys, multisignature methods |
| User Control | Set spending limits, full control over funds |
| Supported Currencies | Tether, USD Coin, Dai |
| Availability | 54 countries (excluding the USA) |
| Integration | Bridges Ethereum blockchain holdings, supports payments and top-ups |
The introduction of Wirex Pay represents a pivotal moment in the cryptocurrency landscape, addressing key concerns around security and trust while providing a practical tool for daily transactions. As the crypto market continues to evolve, solutions like Wirex Pay play a critical role in shaping the future of decentralized finance by enhancing the accessibility and usability of digital assets.
Featured image credit: rawpixel via Freepik
Follow us for more breaking news on DMR