Wirex Becomes Primary Web3 Payment Layer

Wirex, a global crypto payment leader with over six million users, announced its strategic roadmap and vision to become the main Web3 payment layer, Bankless Times learned from a press release.

Web3 was not spared from the bear market

Unfortunately, the bear market affected the Web3 space as well. In the first quarter of 2023, VC-backed Web3 startup financing hit its lowest point in quite some time. It fell 82% year-on-year.

Despite this, the Web3 niche has always showed promise. It gives users more control over their assets and data. There is a clear need for a secure, safe, and intuitive payment solution.

A history of filling a void

Wirex has a long-running history of bridging the gap between digital and traditional finance. The company created the first crypto-enabled payment card in 2015. It made it possible for users to spend crypto and fiat money seamlessly.

Pavel Matveev, CEO & Co-Founder at Wirex, said:

The traditional banking systems, while robust, aren't inherently designed for the decentralized ecosystems that Web3 champions. Wirex, with its rich legacy in innovative payment solutions, steps in precisely here. Our vision is to create a payment mechanism that aligns with the ethos of Web3 while ensuring that users, developers, and enterprises get the best of both worlds.

Five core proposals

According to Wirex's whitepaper, its vision involves five main proposals:

· Dual-Mode Wirex Card: Seamlessly integrating traditional and decentralized finance.

· W-Pay: ZK-powered payment focused App Chain, a revolutionary approach to payments within the Web3 space.

· Wirex Membership Model: Curating exclusive benefits for dedicated users.

· Transferable Loyalty: Transforming reward systems for more engaging and rewarding user experiences.

· Improved Tokenomics: A comprehensive overhaul of the Wirex ecosystem to promote stability and growth.

Wired will unveil each of these components gradually to give the community a full understanding of its plans and vision.