The developers of Wirex Pay unveiled a new modular chain for secure crypto payments. The new functionality allows digital assets stored in non-custodial wallets to be used for everyday payments.
Wirex, a U.K. FinTech company and developer of online banking solutions, announced the test launch of its innovative payment chain solution, Wirex Pay. The new service enables self-stored crypto wallets to be used to pay for goods and services using digital assets, while maintaining full control of user assets.
Access to the solution was opened on 9 October to selected users who will test the new functionality by conducting real transactions. According to Pavel Matveev, Co-Founder of Wirex Pay, the launch is dictated by users’ growing distrust of centralized platforms. He noted that Wirex Pay will give users full control over their funds with private access keys and multi-signatures.
To access Wirex Pay, users must pass multi-factor authentication, including KYC, link a cryptocurrency wallet, issue a physical or virtual card, and deposit funds into an account. The app is available in 54 countries, excluding the U.S., and supports USDT, USDC, and DAI stablecoins on the Ethereum network.
Last year, Wirex developed a decentralized toolkit for issuing non-custodial cryptocurrency debit cards. In September this year, it launched an L1 blockchain for the Wirex Pay payment system.
