Wirex Tap ZK-Proofs for unsecured crypto debit card withdrawals

Crypto payment service provider Wirex on October 3 announced the launch of a zero-knowledge proof (ZK-proof)-no-book crypto debit card service called WPay.

Wirex's new decentralized solution uses zero-knowledge technology and is built on the Polygon Chain Development Kit (CDK), which increases scalability and security. Polygon's CDK is built with ZK-verifications in mind, allowing companies and users to build their own ZK-powered Layer-2 Rails.

ZK-proof-based scalability solutions are becoming increasingly popular in the crypto space because the ZK protocol allows one party to prove to another that a claim is true without revealing any details about it. Over time, Ethereum and Polygon have seen the most growth around ZK-proofs.

W-Pay offers a number of ground-breaking features that enable decentralized wallets and decentralized applications (DApps) to issue crypto debit cards. The firm's decentralized approach eliminates third-party risks and ensures that account holders have sole control over their funds.

Some of W-Pay's key features include ZK technology, Ethereum Virtual Machine (EVM) compatibility, and account abstraction for fast and secure transactions, a feature that streamlines transaction processes by eliminating internal complexities.

Related: Are ZK-Proofs the Answer to Bitcoin's Ordinary and BRC-20 Problem?

The ZK-evidence-based decentralized solution enables card transactions up to certain limits and supports the integration of DApps and non-cash wallets with standard payment rails. The company says W-Pay will usher in a new era of on-chain card payment services.

Wirex created the first payment card with crypto functionality in 2015, allowing users to flexibly use digital and fiat currencies for daily transactions. Wirex claims to have a customer base of over six million and is a major member of Visa and MasterCard.

Recently the decentralized solution based on ZK-proofs from Wirex comes into problems with its card partner UAB PayrNet. Lithuania's central bank revoked UAB PayrNet's license in June, forcing the company to shut down its services in the European Economic Area.

Wirex has not yet responded to Cointelegraph's request for comment.

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