Wirex unveils ZK-proofs non-custodial crypto debit card

October 05, 2023 06:12 AM PDT | By Invezz

Wirex unveils ZK-proofs non-custodial crypto debit card — Image source: Invezz

W-Pay’s enhanced security with ZK-Proofs

W-Pay leverages Zero-Knowledge proofs (ZK-Proofs), a cryptographic technique that allows one party to prove the truth of a statement to another party without revealing any additional information.

This technology enhances security and privacy in crypto transactions, a critical concern for users in the digital asset space.

ZK-Proofs have gained popularity in the crypto industry due to their ability to provide robust security while maintaining data confidentiality.

In addition to its privacy and security features, W-Pay offers swift and secure transactions through Zero-Knowledge technology. It also boasts compatibility with the Ethereum Virtual Machine (EVM) and incorporates Account Abstraction (AA) to streamline transaction processes, simplifying the user experience.

Wirex’s non-custodial crypto card approach

One of the standout features of W-Pay is its non-custodial nature. This means that users of non-custodial wallets and decentralized applications (dApps) can issue non-custodial crypto debit cards, eliminating third-party risks and providing account owners with sole control over their funds.

The shift towards decentralization aligns with the core principles of cryptocurrencies, where users seek greater autonomy and security over their assets.

Wirex’s move into the non-custodial crypto debit card arena is a significant development in the ever-evolving crypto payment ecosystem. This announcement comes amidst challenges faced by Wirex’s card partner, UAB PayrNet, which had its license revoked by Lithuania’s central bank, leading to the suspension of its services in the European Economic Area (EEA).

The post Wirex unveils ZK-proofs non-custodial crypto debit card appeared first on Invezz.

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