Wirex Pay launches unregulated crypto payments
Web3 money app Wirex has announced early access. The announcement comes at a time when trust in centralized platforms is eroding and shifting to self-sustaining wallets.
On October 9, the Wirex Pay app was made available for download to select users, allowing them to make daily payments through their non-cryptocurrency wallets.
Source: Wirex Pay
In a recent interview with Cointelegraph, the founder of Wirex Payments, Pavel Matveev, expressed the lack of confidence among investors following events such as the collapse of FTX and Celsius. Wirex Pay aims to address this trend by giving users full control over their funds with private keys, multi-signature routing and other security features.
Imposing a severe limit on non-custodial crypto spending
Matevev says users are essentially giving Wirex Pay temporary permission to “fund their account up to a certain limit.” Speaking about the launch of Wirex Pay app,
“We've removed the barriers between crypto and everyday transactions, empowering users to spend their assets freely and securely.”
Eligible users must follow a 10-step process that includes ordering a non-secured plastic or virtual card, doing Know Your Customer (KYC) verification, linking a wallet and depositing funds into the account.
Wirex Pay User Interface. Source: Wirex Pay
Wirex Pay supports Tether (USDT), USD Coin (USDC) and Dai (DAI) for add-ons and payments. The service is available in 54 countries except the United States.
Related: Arenon-custodiall crypto wallets a viable option for the daily hodler?
Growing institutional support for non-custodial crypto payments
Wirex Pay also allows users to link holdings from the Ethereum blockchain in exchange for gas payments. Check out Cointelegraph's guide to learn more about the history and evolution of cryptocurrency wallets.
Major payment card service MasterCard recently partnered with European crypto payments infrastructure provider Mercuo to support non-custodial cryptocurrency wallets.
The Mastercard-Mercuryo partnership allows users to withdraw stored crypto through self-protection.
Christian Rau, Senior Vice President of Crypto & FinTech Enablement at MasterCard, said: “At MasterCard, we are working closely with partners to develop a self-sustaining wallet experience.
Magazine: Anti-aging tycoon Brian Johnson is about to commit his life to crypto.
