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Wirex and Gateway Unite: Pioneering the Future of Decentralized Finance 

Updated: May 3


Wirex introduces the WPay decentralised payment network to bridge the gap between Web3 and traditional finance

 

We at Wirex are excited to announce our groundbreaking partnership with Gateway, a collaboration that promises to redefine the landscape of decentralized finance. This partnership is a strategic initiative aimed at the seamless incorporation of Layer 2 (L2) solutions into Wirex's robust payment and banking infrastructure through the innovative Presto platform, powered by Polygon's Chain Development Kit (CDK). This collaboration is a testament to our commitment to integrating cutting-edge blockchain technology with our reliable financial services, ensuring our offerings meet the highest standards of compliance and operational efficiency. 

 

Through this partnership, we've made significant strides in enhancing the Wirex Card, allowing it to operate directly on the blockchain. This advancement not only bolsters our service's security, efficiency, and scalability but also reaffirms our dedication to providing decentralized solutions in the financial sector. 

 


A key aspect of this collaboration is the enhancement of Wirex Pay's foundational principles: self-custody, digital asset flexibility, uncompromised security, and instant spending. Wirex Pay, empowered by this partnership, provides our clients with unprecedented control over their assets, streamlines the management of digital assets, and makes using cryptocurrencies for everyday transactions a reality. 

 

 

Thanks to the introduction of private zkEVM rollups provided by Gateway, we've significantly improved our payment solution's scalability, cost-efficiency, and transaction throughput, all while easing the burden on the Ethereum mainnet. The innovative integration of instant transaction processing, secured with zkProofs and executed on Layer 1, ensures our services remain seamless and adaptable. This collaboration has allowed us to introduce a novel product to our payment portfolio, enhancing our ecosystem without disrupting its current operations. 



Wirex<>Gateway Partnership 

 

At Wirex, we're embarking on an exciting journey to redefine the future of digital payments through our collaboration with Gateway. This strategic partnership aims to integrate blockchain technology seamlessly into our established card processing and banking framework, bridging the gap between traditional finance and the innovative world of web3. This venture necessitates a bespoke adaptation of the Presto model and the introduction of an advanced smart contract platform, signifying a significant leap towards blending conventional financial mechanisms with blockchain's transformative power. 


 

Introducing Wirex Pay: A New Era in Digital Payments 

 

Wirex Pay emerges as a beacon of innovation in the digital payment landscape, representing Wirex's commitment to pioneering the integration of traditional financial systems with the decentralized finance (DeFi) sector. As a crucial component of Wirex’s extensive suite of financial services, Wirex Pay utilizes blockchain technology to facilitate a user-focused, secure, and seamless experience for managing and conducting transactions with digital assets. This initiative underscores our dedication to empowering users with comprehensive control over their finances, ensuring ease and flexibility in the digital economy. 


 

Embracing Presto: The Future of Scalable Blockchain Networks

 

Presto, our chosen platform for this collaboration, stands at the forefront of blockchain scalability solutions. It specializes in the deployment of zkEVM rollups, which significantly enhance network scalability without compromising security or decentralization principles. Zero-knowledge rollups are central to Presto’s functionality, efficiently processing transactions by aggregating them into a single compressed submission to the main blockchain. This not only eases computational burdens but also relieves congestion on the network, promoting optimal performance. 





Moreover, Presto introduces revolutionary privacy-preserving zkEVM rollup solutions, establishing new benchmarks for scalability, efficiency, and privacy within blockchain ecosystems. Our collaboration with Gateway, leveraging the Polygon Chain Development Kit (CDK), signifies Wirex’s unwavering commitment to technological innovation and our ambition to set new industry standards. 


 

Architecture 

 

At Wirex, we're proud to unveil the architectural advancements stemming from our collaboration with Gateway. This partnership has allowed us to implement a series of technical innovations designed to enhance our financial services and provide unparalleled value to our users. 

 




Smart Contracts for Enhanced Scalability 


We've developed a robust blockchain-based smart contract system, meticulously tailored to meet Wirex's unique operational needs. This system incorporates advanced mechanisms to increase transaction limits, ensuring our platform's scalability and our ability to support a growing user base without compromise. 



Seamless KYC Integration 


In our ongoing effort to adhere to regulatory standards, especially in light of the EU's MICA regulations, we've seamlessly integrated our blockchain system with Wirex's existing off-chain KYC procedures. Through backend Oracle services, we've established a reliable communication channel between our off-chain KYC processes and on-chain smart contracts. This integration mirrors the on-chain KYC data, enhancing the security and efficiency of L1 verification processes. 



Processing System Integration 


Our new blockchain system integrates flawlessly with Wirex's existing processing systems for Visa and Mastercard transactions. This near-instantaneous integration ensures that transaction confirmations are swift, maintaining operational continuity and efficiency across all transactions. 



Transaction Bridging 


By utilizing existing zkEVM bridges, we've streamlined the process of transferring funds from Layer 1 to Wirex cards. This ensures a seamless and efficient transfer process, enabling our clients to bypass centralized exchanges and interact directly with the blockchain. 



Private Rollup for L2 Scaling 


Our partnership has introduced a private rollup as a Layer 2 scaling solution, significantly enhancing transaction privacy and reducing the load on the main Ethereum network. This approach guarantees faster transaction processing without fees, upholding the security standards of the Ethereum mainnet. Through L2 transaction processing, secured with zkProofs, we alleviate congestion on the Ethereum mainnet, ensuring Wirex's payment services are both robust and reliable. 

 


Enhancing Scalability and Cost Efficiency 


The implementation of private zkEVM rollups has significantly boosted our platform's scalability, making transactions not only more cost-efficient but also smoother for our users. This technology enhances the network's transaction throughput and allows for the seamless introduction of new features and optimizations. 

 


Conclusion 


The partnership between Wirex and Gateway, leveraging Presto's advanced zkEVM rollup technology, marks a transformative step for blockchain scalability and payment systems. This collaboration isn't just about solving today's challenges; it's about laying the groundwork for a scalable, adaptable, and future-ready crypto payment ecosystem. 

 

Through integrating cutting-edge blockchain solutions, Wirex and Gateway are paving the way for a seamless fusion of digital and traditional finance. This venture is a testament to our dedication to innovation, security, and enhancing user experience, setting the stage for a dynamic, efficient, and flexible payment infrastructure. 

 

As we continue to innovate, Wirex and Gateway are committed to shaping a financial future that is accessible, secure, and ready to evolve with the digital age. This is more than a partnership; it's a leap towards redefining the global payment landscape.


*Not intended for UK customers. 

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