Gateway-Wirex Partnership
We are thrilled to announce our collaboration with Wirex! Together, we have strengthened Wirex’s services by seamlessly integrating L2 via our cutting-edge PaaS Presto, powered by Polygon CDK. This initiative aligns Wirex’s technology with specific compliance and operational requirements.
The Gateway-Wirex partnership advances blockchain-driven financial services. They utilize Gateway’s Presto, powered by Polygon CDK, to integrate Layer 2 solutions for enhanced compliance and operations at Wirex. Smart contracts boost security and efficiency, enabling decentralized Wirex Card operations. This enhances WPay’s self-custody, asset flexibility, and instant spending. Gateway’s use of private zkEVM rollups improves scalability and cost efficiency, reducing Ethereum mainnet strain. This partnership signifies a strategic advancement in blockchain payment solutions for an efficient and adaptable crypto payment ecosystem.
From Gateway, we have provided private zkEVM rollups for Wirex payment solution, significantly improving scalability, cost efficiency and enhancing the network’s transaction throughput while reducing the strain on the Ethereum mainnet. Our instant transaction processing secured with zkProofs, that are sent on L1 ensures uninterrupted services while enabling adaptable features. Together, we have facilitated a new product in addition to the existing Wirex payment portfolio, without disrupting the existing ecosystem. Leveraging Polygon CDK in off-chain transaction processing not only enhances security but also achieves gasless transactions. This coupled with a strategic offloading of transactions from the Ethereum mainnet, alleviates congestion and enhances overall network efficiency.
In a monumental leap forward, Gateway and Wirex proudly announce the beginning of a partnership and ambitious project to integrate a cutting-edge blockchain-based system into its card services. Drawing inspiration from the proven success of the PaaS powered by Presto model, this innovative move is poised to redefine Wirex’s standing in the crypto-financial industry.
Project Overview
The primary objective of this project was to achieve the seamless integration of blockchain technology into Wirex’s existing card processing and banking infrastructure, which entails a comprehensive endeavor bridging web3 and traditional finance, necessitating the customization of the Presto model and the implementation of a sophisticated smart contract platform.
What is WPay?
WPay represents a pioneering leap in the world of digital payments, serving as the vanguard of innovation by bridging the gap between conventional finance and the burgeoning realm of decentralized finance (DeFi). Developed as an integral component of Wirex’s extensive suite of financial services, WPay harnesses the potential of blockchain technology to offer users a seamless, secure, and user-centric experience for managing and transacting with digital assets.
What is Paas Presto?
Presto stands as a platform that manages deployment of zkEVM rollups, offering enhanced scalability for blockchain networks without compromising on security or trustlessness. Zero-knowledge rollups, at the core of Presto’s design, provide transaction processing by bundling multiple transactions together and submitting a compressed version of the data to the main blockchain. This significantly reduces computational workload and alleviates blockchain congestion, ensuring optimal network performance. For further details, see our documentation on Presto.
Presto also provides innovative privacy-preserving zkEVM rollup solutions, setting new standards for scalability, efficiency, and privacy in blockchain networks. Gateway remains at the forefront of innovation, particularly in exploring the utility of Polygon’s Cloud Development Kit (CDK). Gateway’s exploration of Polygon CDK signifies a commitment to technical innovation.
Key Components
Smart Contracts: WPay leverages a sophisticated system of smart contracts designed to facilitate the integration of the Web3 ecosystem with traditional payment processing. This includes advanced mechanisms for increased transaction limits, ensuring scalability to accommodate a growing user base.
KYC Integration: The blockchain system has been seamlessly integrated with Wirex’s existing off-chain KYC procedures, ensuring regulatory compliance, especially in the light of EU’s MICA regulations. Backend Oracle services provide communication between Wirex off-chain KYC and on-chain smart contracts. By mirroring the on-chain KYC data, ensuring the security and efficiency for L1 verification.
Processing System Integration: The new blockchain system is now seamless, almost instant and integrated with Wirex’s current processing system for Visa and Mastercard transactions. This integration guarantees instant transaction confirmations and operational continuity and efficiency during transactions.
Transaction Bridging: Existing zkEVM bridges have been utilized for transferring funds from Layer 1 to the card. This ensures compatibility and efficiency in the transfer process directly on the blockchain. Clients are now able to bypass centralized exchanges and interact with the blockchain directly.
Private Rollup: A Layer 2 scaling solution that enhances transaction privacy and reduces the load on the main Ethereum network. Ensuring faster transaction processing and no fees while maintaining the security guarantees of the Ethereum mainnet. Gateway’s approach reduces the strain on the Ethereum mainnet, ensuring that Wirex’s payment services remain robust and reliable even during periods of high demand. L2 transaction processing, secured with zkProofs, plays a pivotal role in alleviating congestion on the Ethereum mainnet. This is done by sending the transactions directly to the L2 and storing them on the DAC ( Decentralized Autonomous Committee). Presto bridges facilitate the transfer of assets between Layer 1 (L1) and Layer 2 (L2) blockchains.
Users initiate the transfer process by bridging funds from L1 to L2. Once the funds are on L2, Visa or Mastercard initiates the transaction by calling Wirex’s off-chain system. Wirex’s off-chain system, in turn, communicates with the processing oracle, which acts as a bridge between the blockchain and Wirex’s existing card processing system that is integrated with Visa and Mastercard. The processing oracle then calls the smart contract on L2 to execute the transaction. This is instantly computed on L2 and verification of the changes are generated and verified on L1.
L1 & L2 RPC: We are also a proven RPC (Remote Procedure Call) provider with a robust track record. RPC providers act as intermediaries between the dApp and the blockchain, abstracting the complexities of network communication and providing developers with a convenient way to interact with the blockchain. Like a software library or service that facilitates communication between a dApp and a blockchain network, allowing developers to interact with the blockchain using programmable APIs.
Scalability and Cost Efficiency: This innovative solution enhances the network’s transaction throughput, providing users with a seamless and efficient payment experience, without disrupting the existing ecosystem. The implementation enables the seamless introduction of new features and optimizations, demonstrating a technical edge over solutions that may encounter challenges in maintaining upgradable contracts.
Presto provides innovative privacy-preserving zkEVM rollup solutions, setting new standards for scalability, efficiency, and privacy in blockchain networks. Gateway remains at the forefront of innovation, particularly in exploring the utility of Polygon’s Cloud Development Kit (CDK). Gateway’s exploration of Polygon CDK signifies a commitment to technical innovation.
Conclusion
The collaboration between Gateway and Wirex, powered by Presto’s private zkEVM rollup, marks a significant milestone in the realm of blockchain scalability and payment solutions. The implementation not only solves immediate challenges but sets the stage for a future-proof, efficient, upgradable, and adaptable crypto payment ecosystem.
In the technical landscape, zkEVM by Gateway PaaS Presto emerges not just as a scaling solution but as a manifestation of meticulous cryptographic engineering and innovative architecture. With a focus on privacy, scalability, efficiency, and adaptability, zkEVM redefines the technical benchmarks for blockchain scalability, providing developers and enterprises with an advanced toolkit for the next generation of decentralized applications.
We are happy to announce this partnership and further develop the crypto-financial industry. Follow us for future news and developments over at X, LinkedIn, Discord, and our site Gateway.fm.
