Wirex aims to respond to this security need in a period when trust in central platforms is decreasing by offering a structure where users can keep their funds under their own control, instead of entrusting them to central platforms.

On October 9, 2024, the Wirex Pay app was made available to a limited number of users in early access. This app allows users to use their crypto assets for everyday payments through non-custodial wallets.

The use of cryptocurrencies independent of central platforms has become an increasing trend in recent years, and Wirex Pay aims to offer a solution that suits this demand.

Pavel Matveev, one of the co-founders of Wirex Pay, pointed out the lack of trust among investors after the collapse of major crypto platforms such as FTX and Celsius. According to Matveev, Wirex Pay aims to eliminate these concerns by allowing users to have full control over their funds.

With private keys, multi-signature (multisig) methods and other advanced security measures, users are allowed to make payments up to a certain limit through Wirex Pay. Matveev states that this approach will make users feel safer and states that the application removes obstacles between daily transactions with crypto assets.

Users who want to join Wirex Pay must complete a 10-step process that includes ordering a non-custodial plastic or virtual card, completing Know Your Customer (KYC) verification, connecting a crypto wallet, and depositing funds into their account.

Wirex Pay supports stablecoins such as Tether (USDT), USD Coin (USDC) and Dai for top-ups and payments. This service is available in 54 countries except the USA. Wirex Pay also offers the ability to bridge assets from the Ethereum blockchain in exchange for gas fees, allowing users to move assets between other chains.

The introduction of Wirex Pay stands out as a development that increases the emphasis on security and user control in the crypto world. As trust in centralized platforms decreases, self-custody solutions have become more important.

Wirex Pay seeks to address this lack of trust by enabling users to use their crypto assets securely.

At the same time, major payment service providers have also noticed the interest in self-custody wallets. For example, Mastercard has expanded its support for self-custody crypto wallets by partnering with Europe-based crypto payment infrastructure provider Mercuryo.

Christian Rau, Mastercard’s Senior Vice President of Crypto and Fintech Services, stated that the company is working to improve the self-custody wallet experience.

Wirex Pay’s modular chain and non-custodial wallet solution allow users to make daily transactions with crypto assets, increasing their control over their funds.

Particularly at a time when trust in centralized platforms is declining, such solutions could lead to greater adoption in the crypto world. By offering users the opportunity to manage and spend their funds securely, Wirex Pay can contribute to the wider use of crypto assets in daily life.