The world of cryptocurrency has been gaining momentum rapidly, with more and more platforms and services emerging in the Web3 sector. However, one of the main hurdles for wider adoption of crypto payments has been the volatility of crypto assets and the lack of services that facilitate settlements in cryptocurrencies. Recognizing this challenge, card payments giant Visa has been actively exploring the sector of crypto payments on a global scale. In a bid to bridge the gap between traditional finance and blockchain technology, Visa has recently teamed up with Wirex to bring crypto payment services to merchants worldwide.
Wirex, a London-based financial platform, has created a specialized payment app called Wirex Pay to enable seamless crypto transactions. This Polygon-based chain, developed and tested by Wirex last year, is designed to ensure rapid and efficient transactions. Built on Zero-Knowledge technology and compatible with the Ethereum Virtual Machine (EVM), Wirex Pay offers near instant and secure interoperability with all other Polygon chains. The native token for processing gas fee transactions on Wirex Pay will be the Wirex Token (WXT).
The partnership between Visa and Wirex marks a significant milestone in the realm of crypto payments. By leveraging Visa’s vast and established network, Wirex aims to deploy its crypto payment services to Visa’s merchant userbase. Cuy Sheffield, Head of Crypto at Visa, expressed enthusiasm about the collaboration, highlighting the importance of integrating blockchain technology with traditional finance. The joint effort between Visa and Wirex is expected to set a new standard in the payment industry, enhancing Wirex Pay’s potential for growth and innovation.
Expanding Market Reach and Driving Adoption
Wirex boasts over six million users across 130 countries, including India, where the company has been actively expanding its non-custodial Wirex Wallet service. With a focus on driving DeFi towards mass adoption, Wirex’s initiatives in India and other markets reflect a commitment to integrating blockchain technology with traditional financial systems. The exact date of the mainnet launch of Wirex Pay is eagerly anticipated, as it holds the promise of transforming the landscape of crypto payments.
Visa’s Vision for Web3 Sector
Visa’s partnership with Wirex is part of the company’s broader strategy to engage with the Web3 sector and experiment with innovative technologies, such as blockchain and digital assets. By collaborating with leading players in the crypto space, Visa aims to stay ahead of the curve and explore new opportunities for growth and development. Former Visa CEO Al Kelly’s endorsement of blockchain-based stablecoins and central bank digital currencies (CBDCs) underscores the company’s long-term commitment to embracing innovation in the global financial ecosystem.
The collaboration between Visa and Wirex represents a significant step towards expanding the reach of crypto payments and driving adoption of blockchain technology in traditional finance. As the digital economy continues to evolve, partnerships like this will play a crucial role in shaping the future of financial services and revolutionizing the way we transact. Stay tuned for more exciting updates as Visa and Wirex pave the way for a new era of crypto payments.
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