Wirex X AMA session with BeInCrypto

Wirex is leading the way with innovations that could completely change the way we look at cryptocurrency wallets and payments.

Wirex founder Georgi Sokolov gave an exclusive preview of these innovations during a recent AMA session with BeinCrypto. The newly announced COCO wallet – the result of a strategic partnership between Wirex and COCA – was the topic of discussion at the session.

This partnership resulted in the creation of the first-ever Multi-Party Computation (MPC) wallet and non-holder debit card, enhancing security and control in the digital financial space.

In addition to answering questions from the community and rewarding the most interesting with Wirex tokens, the AMA session will explore how this new offering will stand out in the Web3 market.

Wirex X AMA session with BeInCrypto

BIC: We are preparing for our first AMA session in 2024 😎.

🗣 Community

As usual, I have some questions for today's speaker. Then he'll answer your 5 most interesting questions (quick reminder, we've already collected these questions!).

Okay, I'm sure your name is familiar to most of us, but let's make things formal. Please introduce yourself.

George:

hello everyone! My name is Georgie – I am the Vice President of B2B (Global Partnerships) and also the founder of Wirex.

BIC: I would like to dedicate today's AMA to your partnership with COCA. Could you please tell us a little more?

George:

Of course! Wirex recently partnered with COCA to release the world's first multi-party computing (MPC) wallet with a non-custodial debit card.

With this new wallet, users have more control and ownership over their money, making transactions more secure. Unlike traditional services where someone else manages your money, this non-custodial approach allows you to be in charge at all times.

Powered by Wirex technology, the COCA Debit Card is a milestone in making digital finance more secure and convenient.

On that same note, COCA recently won the ‘#1 Product of the day' award for having over 250,000 wallets within a week of its launch. It's a go-to website that highlights the most promising tech products and services. And besides, COCA Wallet has been accepted into the Money20/20 Asia startup program!

Wirex is excited to partner with COCA! This partnership brings some great new features and benefits to our users.

BIC: COCA is based on MPC technology. Please explain what our new startup is and how this technology is implemented in COCA Wallet.

George:

Multi-party computation, often called MPC, is a cryptographic process that allows multiple parties to work on a single computation using their resources without disclosing those resources. To put it simply, it allows different parties to collaborate on finding solutions without sharing their personal data.

COCA Wallet uses MPC cryptography to avoid typical weaknesses associated with seed phrases and private keys. Keeping your own keys is all well and good in theory – no one but the wallet owner can access or control the keys, but in reality they are not easy to store securely and manage efficiently. If I'm not mistaken, 20%+ of all crypto holders are lost forever because they lost their private keys. Using MPC guarantees that your wallet is easily renewable and hack-resistant, providing an unprecedented level of security.

BIC: For authentication, COCA Wallet uses biometric technology. Is it more secure than traditional data authentication?

George:

for sure! Using biometric technology to authenticate in COCA Wallet is more secure than traditional data authentication methods. Biometrics, such as fingerprints or facial recognition, rely on unique physical or behavioral characteristics that make it difficult for unauthorized people to access your information.

Unlike passwords or PINs, which can be stolen or hacked, biometric data, especially the more advanced and AI-powered facial recognition used by COCA, is private and difficult to replicate. This makes the authentication process in COCA Wallet more secure and reliable for users.

BIC: the best rates guaranteed, there is the COCA website. Please tell us how you offer these lower rates.

George:

COCA's advanced routing engine tests and compares 17 different fiat on-ramps and 182 local payment methods.

When it comes to exchanging crypto on-chain or cross-chain (between different blockchain networks, for example USDC on Ethereum to AVAX on Avalanche), those are powered by DX and bridge collectors.

This means you will always get unbeatable prices when trading or exchanging your cryptocurrency.

BIC: The Wirex card infrastructure also powers COCA's non-custodial debit card. What is the main difference between COCA card and Wirex card?

George:

In short, Wirex has launched the first crypto-enabled deposit card that offers up to 8% Cryptoback™ on all transactions, while COCA offers a non-debit card, eliminating the need for third parties.

For now, the Wirex card allows both crypto and fiat to be spent, and supports multiple crypto assets.

Apart from this, Wirex offers 2-factor authentication, COCA card has 3FA which ensures that your crypto is recoverable with your email, 3D FaceLock and COCA specific recovery file.

BIC: What can I pay with the COCA card? Online and offline purchases? Can I use it when I go to Europe?

George:

COCA offers both virtual and physical card formats, allowing users to spend cryptocurrency at more than 40 million merchants in more than 200 countries. Another good thing is that COCA enables live crypto transactions without needing to be preloaded.

Both virtual and physical cards are available in the UK and EEA, with plans to expand to additional regions in the near future.

BIC: What about ATM withdrawals?

You can withdraw up to $200 per month from anywhere in the world, making international transactions hassle-free. Then there's the small ATM fee, in line with what many neobanks currently offer.

BIC: Many Web3 companies integrate an IBAN (which you can use to make or receive international payments) into their cards. Does COCA plan to do the same?

George:

true? how many? 🙂 I can almost bet that most people can't name more than a handful – though.

But to answer the question – yes, it will come soon, thanks to the draft of the account. With this feature, users can handle Euro transactions smoothly and use banking services effortlessly, bridging the gap between digital and traditional banking experiences.

BIC: Can you share COCA payments with us?

George:

COCA offers a fee-free experience by eliminating monthly and foreign exchange fees.

Additionally, the COCA Wallet allows you to participate in on-chain exchanges using a large liquidity pool, all without incurring any fees.

Additionally, it offers protection from sandwich attacks and minable extractable value (MEV) through Flashbots, guaranteeing you get the best value without any hidden costs.

BIC: Any other exciting news at Wirex?

George:

Yes! Wirex is ready to announce the recent launch of W-Pay, our ZK-powered app Chain.

This decentralized payment network, leveraging the power of the award-winning Wirex platform, solves the key challenges of integrating Web3 with traditional finance.

Here are some special features of W-Pay:

W-Pay is built on zero-knowledge technology, which ensures compatibility with the Ethereum virtual machine. Designed for fast transactions, it ensures users get fast and efficient payments. The Wirex Token (WXT) powers W-Pay, which serves as the main gas token for all transactions. W-Pay offers fast and secure interaction with other Polygon chains. Users will benefit from automatic, seamless access to the collective liquidity of all Polygon chains. W-Pay is specifically designed for payment use cases, ensuring a better user experience. Account Aggregation (AA) is at the heart of W-Pay, the backbone of the new on-chain infrastructure.

Follow this link to secure your special spot for early access and be a part of this exciting journey!

BIC: Cool! It's time for our community's questions.

@TamekaHopson asks:

Can you explain how Wirex's in-app biometrics authentication feature simplifies the authentication process for users, eliminates constant SMS-based OTPs, and provides a more seamless and convenient experience?

George:

There is a fine balance between simplicity and security. On the one hand, all those SMS codes and confirmations can be very annoying when making online purchases, on the other hand – imagine someone stealing your card details (which can happen even without you or Wirex doing anything wrong or stupid!) and emptying yours while making online purchases. Balance in a few minutes.

This is why best practices and regulations for SCA (Strong Customer Authentication) must be strictly followed and the customer must ensure that it is he or she who is using the card and not the person holding the card number and details.

Verifying the purchase with a code received via SMS is one way to add that extra layer of security. But it is not the most reliable way. Most of you have heard of ‘SIM highjacking', when criminals are able to obtain victims' mobile phone numbers through various social engineering methods.

In this sense, verifying transactions from within the app is more secure. And even more convenient, you don't need to enter any code, just tap ‘Verify' in the Wirex app itself.

Of course, you should ensure the security of your mobile device – use a complex PIN code for the phone itself, make sure the PIN-code and/or biometrics itself is set to access the Wirex app. 2FA on, etc

BIC: Question from @JuliusDunham:

Attending over 20 industry-leading events across Europe, North America and Asia at Wirex in 2023, can you explain the importance of these events in terms of connecting with the crypto community, sharing insights and fostering collaboration within the industry?

George:

Not clear, but good question. First, we aim to connect with them, gain insights and find opportunities for collaboration, not just the crypto community. They are also various companies and stakeholders from the traditional financial industry such as banks, buyers, various BaaS and SaaS providers, etc.

Wirex has always been a link between traditional finance and the upcoming crypto industry. It's funny, when we come to traditional events like Money20/20, people see us and say ‘Ah, Wirex, yes, we know you, you crypto guys'. And when it comes to crypto events, especially more OG and developer focused ones like DevConnect, for example people say ‘Ah, Wirex, bankers'. Of course we are not ‘banks', certainly not in the bad sense of the word 🙂

And, frankly, as important as partnerships in the traditional financial space are (eg our premier memberships with Visa and MasterCard, multi-bank relationships, licenses we hold, etc.), we love to learn and inspire a lot more. Talking to the crypto community.

Our talks at Ethereum Devconnect last fall in Istanbul confirmed our hypothesis and led us to the big move to on-chain security. Of course, we have participated in various on-chain and DeFi partnerships before, but this new non-custodial card powered by the Polygon ZK stack is a real innovation – not only crypto wallets, but self-custodial wallets from traditional financial infrastructure.

Now we're not the only ones who can help crypto holders with all kinds of real-life use cases without having to rely on a third party to keep their money under control.

BIC: I love this question from @Zhaolong8888!

The value of WXT is not linked to the value on Wirex and is subject to market fluctuations on the OKEx trading platform. So buying WXT is not the same as buying stocks or equity. So what is the real purpose of wirex when releasing WXT?

George:

You are absolutely right – the value of WXT is not directly related to Wirex as a company, or its products and features, or overall performance. Most tokens aren't, and mostly because so many projects have little-to-no value or product, or features, or performance — nothing but the token itself.

It is different for Wirex. The (real) purpose of releasing the token has always been a utility and integrity mechanism in the Wirex ecosystem. Token holders get additional benefits when using Wirex – higher cashback, higher yield on their X accounts, etc.

As the industry is moving in chains, we really want to follow that trend and be a part of it. Therefore, WXT will have a role to play in this wider ecosystem – not just in the Wirex application. Therefore, its benefits and benefits will only grow. Speculations on OKX and other exchanges may not be appreciated – we always focus on the real utility and use cases 🙂

BIC: @glukhova1_lena asks:

Can you explain the rewards program for referring friends to Wirex, including the criteria for earning rewards and the benefits to both the referrer and the referred friend?

George:

You will find the full details here. But in short, both the referrer and the referred friend can earn a bonus of up to $60, if the criteria are met. Those change from time to time; Now the promotional offer is focused on X-Tags Plus, our market-leading high-product tag offering.

Not only can you get a very interesting API on your crypto or stablecoins, but you can also get a joining bonus. These bonuses don't last forever 🙂

BIC: The Last – @ShaundaRobson:

I have invested in many projects that failed to deliver on commitments, they based the project's survival solely on price movements, and if investors dropped, they would leave the team and stop development (which hurts long-term owners) and then jump. Instead of developing practical income generating facilities, to create a different new project. How can you assure us that holding this token is more beneficial in the long run and that you won't give up when things get tough?

George:

I think it is enough to look at the history of Wirex. We have launched a real working product – In 2015 It is the world's first crypto card. Actually, it was a bitcoin card, not a crypto card.

Not participating in the ICO boom, holding a lot of licenses, the only crypto company in the world with the main membership of Visa and Mastercard – just ‘leaping to create a different new project' doesn't seem logical with all that history behind us. 🙂

Not to mention giving up when things got tough – we've been through 3 bear markets and survived. No, it wasn't easy, but we didn't give up. Let's talk about serious stuff. I hope I answered the question 🙂

BIC: Cool! Done!

Georgie, thank you so much for your time and presence today!

Community, if you want to explore the Wirex platform and COCA Wallet on your own, here are the links:

Download Coca Wallet here

Sign up to Wirex here

That's it guys!

Summary: Amazing insights from Wirex

After an interesting AMA with Georgi Sokolov from Wirex, we learned a lot about the cutting-edge COCA wallet, the cutting-edge partnership with COCA, and the direction of digital finance. Georgie's in-depth answers explained the unique features of the COCA wallet, how Wirex is constantly growing in the cryptocurrency market, and how it uses MPC technology for increased security.

We appreciate Georgie sharing his knowledge and our community members asking insightful questions. Don't forget to check out the COCA Wallet and Wirex forum for a closer look at their new products. Thanks to everyone who attended and helped make this AMA session a success!

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