Web3 Money App Wirex Announces Early Access Launch of Wirex Pay, a Modular Chain Specifically Designed for Payments

Inspired by the declining trust in centralized platforms and the shift toward self-custody wallets, the Wirex Pay app was made available for download on Oct.

Web3 money app Wirex announced the early access launch of Wirex Pay, a modular chain specifically designed for payments in response to the declining trust in centralized platforms and the shift toward self-custody wallets.

On Oct .9, the Wirex Pay app was made available for download to select whitelisted users, allowing them to make everyday payments through cryptocurrencies via their non-custodial wallets.

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 explained 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 will need to follow a 10-step process to order a non-custodial plastic or virtual card, which includes Know Your Customer (KYC) verification, connecting a crypto wallet and depositing funds into the account.

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.

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 new 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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