Wirex, a leading regulated crypto payments platform with over 6 million users, has announced a strategic partnership with Polygon Chain Development Kit (CDK) to build a dedicated payment-focused App Chain named W-Pay. The move signifies a major shift from traditional centralized payment rails to blockchain-native transaction processing.
Why Polygon CDK?
By leveraging Polygon CDK's ZK-rollup technology, Wirex aims to enhance transaction throughput, reduce costs, and improve security. This infrastructure allows Wirex to seamlessly interact with a wide array of decentralized applications while maintaining Visa and Mastercard principal membership compliance. CEO Pavel Matveev stated: "Polygon CDK enables us to transition our entire payment infrastructure on-chain, unlocking efficiency gains and composability with DeFi protocols."
Non-Custodial Visa Card and WXT Tokenomics
As part of the initial rollout, Wirex will introduce a non-custodial Visa card that gives users full control of their private keys while spending cryptocurrencies. The W-Pay App Chain will use Wirex's native utility token WXT for transaction fees, governance, and staking. Matveev emphasized: "Our goal is to bring all 6 million existing Wirex users into this ecosystem, making digital assets as easy to spend as fiat money." Enterprise interest has already spurred enhancements to WXT's functionality, potentially driving token demand.
Polygon Co-Founder Weighs In
Jordi Baylina, Co-Founder of Polygon, expressed enthusiasm: "Wirex's adoption of Polygon CDK to build their payment system can introduce fresh ideas and accelerate digital payment adoption." Baylina noted that ZK-based App Chains offer the security of Ethereum mainnet while being optimized for high-frequency, low-cost transactions, ideal for payment scenarios.
A Decade of Innovation, A Future of Cashless Payments
Founded in 2015 by Pavel Matveev and Dmitry Lazarichev, Wirex has processed over $20 billion in transactions and operates globally, including recently expanded markets in the United States and Australia. The company pioneered the Cryptoback™ rewards program, offering crypto cashback on everyday purchases. To adapt to Web3, Wirex has also introduced DeFi savings products and high-yield accounts. Now, with W-Pay, the firm aims to offer lower fees, instant settlement, and composable smart contract-based payment services under full regulatory compliance, accelerating the transition to a cashless society.
Headquartered in London, Wirex plans to gradually open parts of W-Pay to the public in the coming months, while continuing to secure necessary licenses across jurisdictions.