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Wirex and Polygon Collaborate for Launch of New Payment Method in India on Mass-Market Wallet

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Wirex, a leading crypto payments company, is expanding the suite of top-up methods on their non-custodial wallet for Indian customers. The addition of this popular payment option to purchase crypto will make the digital economy more accessible for over 1 billion people in India.

The Wirex Wallet is available globally and was created to make the benefits of DeFi available for everyday users. Considered one of the most accessible wallet products available, it offers an industry-leading user interface and high level of convenience, allowing users to manage over 100 different cryptocurrencies and NFTs from their mobile device. Wirex prioritises security, with resilient multi-computation (MPC) technology as well as a unique, keyless access system using biometrics.

The company has now made it easier than ever for Wirex Wallet users in India to purchase crypto such as MATIC, BTC and DOGE, by adding another reliable, well-known payment method using mobile payment and bank transfer. This comes in addition to debit/credit and Apple/Google Pay options already available. With a direct on-ramp in place, it will save users large amounts of time, effort and gas fees without the need to exchange on other platforms.

Wirex has rapidly expanded the blockchains offered on the Wirex Wallet to give users more choice, including Ethereum, Fantom, Avalanche, Binance Smart Chain, and recently, the Polygon blockchain. Combining the best of Ethereum and sovereign blockchains, Polygon has already proven hugely popular across the globe thanks to its low fees, fast transaction speeds and highly secure nature.

Pavel Matveev, CEO and Co-Founder of Wirex, commented: “Having already gained a global reputation for innovation, we’ve released the Wirex Wallet to enable mainstream users to benefit from DeFi. Extending the features and functionality for customers in India is the next step in this. As the largest crypto market in the world, it’s important that we provide a best in-class experience for users by offering the ultimate convenience, flexibility and security when using the app.”

Antoni Martin, Enterprise Lead at Polygon, commented: “Wirex continues to add new features and functionality to its user-focused platform and its expansion of payment methods will add to its work in onboarding new users as seamlessly as possible. Polygon is delighted to be a part of these efforts, and we hope we can do our part for the increased adoption of cryptocurrencies around the world.”

The launch of the Wallet develops the global Wirex ecosystem and bridges the gap between the traditional and digital economies. The award-winning Wirex app has already proven hugely popular with Indian customers, offering the ability to buy, hold, exchange and sell 50+ currencies from a single, intuitive app. In-app, users can benefit from their DeFi savings product, X-Accounts, to earn up to 20% APR interest on crypto funds.

Today’s announcement follows the release of a series of new alternative payment methods on the Wallet for those living in MalaysiaIndonesia and Portugal, and in the coming weeks, Wirex plans to add the Solana blockchain.

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Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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