Through non-custodial wallets, Wirex Pay has introduced a new payment solution that gives users complete control over their cryptocurrency holdings. The launch, which began with early access on October 9, 2024, allows selected users to make seamless crypto payments for everyday purchases using popular digital assets like Tether (USDT), USD Coin (USDC), and Dai (DAI).
This new platform comes in response to declining trust in centralized systems, particularly following high-profile collapses of companies like FTX and Celsius. By adopting a decentralized approach, Wirex Pay ensures that users retain full ownership of their funds through private keys and multi-signature security options.
According to Pavel Matveev, co-founder of Wirex Pay, this solution aims to remove barriers between crypto and everyday transactions, allowing users to spend their assets easily and securely. Unlike traditional custodial wallets, Wirex Pay uses a non-custodial system where users maintain control over their private keys, ensuring enhanced security and privacy.
To access Wirex Pay, eligible users must complete a 10-step process that includes ordering a plastic or virtual non-custodial card, undergoing identity verification, linking their crypto wallet, and depositing funds. This detailed process ensures compliance with Know Your Customer (KYC) requirements while allowing users to top up their accounts using the supported cryptocurrencies.
Wirex Pay is available in 54 countries, excluding the United States, and it supports the seamless conversion of crypto into spendable funds. With its integration of zero-knowledge technology, users can conduct transactions directly from their wallets, bypassing intermediaries and reducing transaction fees.
In a further demonstration of its commitment to decentralized finance, Wirex Pay also offers the option for users to bridge their holdings from the Ethereum blockchain, ensuring low gas fees during transactions.
Major players like Mastercard support the growing trend in the financial sector toward decentralized payments, as evidenced by the introduction of Wirex Pay. Recently, Mastercard has expanded its partnership with Wirex, enabling the use of non-custodial wallets for crypto transactions across various regions.
As more institutions recognize the benefits of decentralized finance, Wirex Pay is positioning itself as a leading provider of secure, user-friendly crypto payment solutions that empower users to manage and spend their digital assets on their own terms.
