U.K.-based FinTech company Wirex announced the launch of a Layer 1 blockchain that will make decentralized payments in the Wirex Pay system easier, safer, and more accessible for users.
Wirex officials announced the launch of its mainnet, which will be used in the Wirex Pay payment system as an alternative to traditional payment methods. According to the press release, the new tool will allow over 80 million merchants in over 200 countries to accept crypto as payment.
Wirex Pay is a decentralized payment network that combines traditional financial technologies with developments in decentralized finance (DeFi). Wirex Pay integrates blockchain technologies with traditional payment systems such as Visa, Mastercard, and SEPA.
The press release notes that the new blockchain focuses on decentralization, with nodes managed by the community. Moreover, WPAY, the Wirex Pay governance token, is set to launch in September. The new digital asset will enable holders to actively participate in the platform’s development, ensuring its growth in accordance with needs of the community.
Wirex is an international FinTech company headquartered in the U.K., operating under a license from the Financial Conduct Authority (FCA). In 2023, the Wirex team developed a tool that enables decentralized app (dApps) teams to issue non-custodial crypto debit cards using zero-knowledge proof (ZKP) technology.
