Web3 money app Wirex announced the early access launch of Wirex Pay, a modular chain specifically designed for payments. This announcement comes amid declining trust in centralized platforms and a shift toward self-custody wallets.
On Oct. 9, the Wirex Pay app was made available for download to selected users, allowing them to make everyday payments through cryptocurrencies via their non-custodial wallets.
Source: Wirex Pay
In a recent conversation with Cointelegraph, Pavel Matveev, co-founder of Wirex Pay, highlighted the lack of trust among investors following events like the collapse of FTX and Celsius. Wirex Pay aims to address this trend by giving users complete control over their funds through private keys, multisignature methods and other security features.
Imposing a hard limit on non-custodial crypto spends
Matveev said that users essentially give Wirex Pay temporary permission “to debit their account up to a certain limit.” Speaking about the Wirex Pay application launch, he said:
“We’ve removed the barriers between crypto and everyday transactions, giving users the power to spend their assets freely and securely.”
Eligible users must follow a 10-step process that includes ordering a non-custodial plastic or virtual card, Know Your Customer (KYC) verification, connecting a crypto wallet and depositing funds into the account.
Wirex Pay user interface. Source: Wirex Pay
Wirex Pay supports Tether (USDT), USD Coin (USDC) and Dai (DAI) for top-ups and payments. The service is available in 54 countries, excluding the United States.
Related: Arenon-custodiall crypto wallets a practical option for the everyday hodler?
Growing institutional support for non-custodial crypto payments
Wirex Pay also allows users to bridge holdings from the Ethereum blockchain in exchange for gas fees. Check out Cointelegraph’s guide to learn more about the history and evolution of cryptocurrency wallets.
Major payment card service Mastercard recently extended support for non-custodial cryptocurrency wallets in a collaboration with the European crypto payments infrastructure provider Mercuryo.
The Mastercard-Mercuryo partnership enables users to spend crypto stored via self-custody.
“At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience,” Christian Rau, senior vice president of Mastercard’s crypto and fintech enablement, told Cointelegraph.
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