Wirex Pay X BeInCrypto AMA Session

This Wirex Pay AMA session with BeInCrypto delves into the innovations that redefine digital payments in the crypto space. Mila Kryvko, Head of Ecosystem Growth at Wirex, joined us. This session explores Wirex Pay’s integration of advanced blockchain technology with traditional finance, offering users control and security over their digital assets. 

Key highlights include the utilization of Polygon ZK for fast, secure transactions, the introduction of a non-custodial card system, and the launch of a groundbreaking Node Sale aimed at decentralizing network governance and infrastructure. 

Mila also discusses the exclusive Whitelist Node Sale, its success, and how the ongoing Public Sale provides a unique opportunity for broader community involvement. Let’s get into the AMA!

AMA Session With Mila Kryvko of Wirex Pay

1. Can you explain what Wirex Pay is and how it functions within the Wirex ecosystem?

Yes , sure. So I`m Mila, Head of Ecosystem Growth at Wirex – Web3 money app with 6M+ users. 

Wirex Pay is our next big step in digital payments, blending the best of blockchain technology with traditional finance. It’s a flexible, modular payment system that we’ve developed here at Wirex, where we’re already known for our crypto debit cards. By using Polygon ZK, Wirex Pay makes transactions faster and more secure. Plus, with support from Visa, we’re working together to shape the future of payments and push fintech innovation forward.

2. How does Wirex Pay position itself in the competitive market of fintech and cryptocurrency services?

When we talk about the cryptocurrency services offered by Wirex Pay, it’s all about giving users more power and security over their digital money. One of the key features is the non-custodial card system. This means you can use your crypto directly from your own wallet without needing a third party to manage your funds. It’s all about giving you control.

Wirex Pay also uses advanced technology called Zero Knowledge (ZK) tech. In simple terms, this makes your transactions super secure and private while keeping them fast and low-cost. You don’t have to worry about your information being exposed, and you save on fees too.

Another cool thing is that if you hold future $WPAY tokens, you get a say in how the whole system is run through a DAO. It’s like being part of a community that decides the future of the platform together.

On top of that, Wirex Pay offers a way to earn more from your crypto through dual staking. This means you can use your staked assets (like Ethereum) to help secure the network and get rewarded for it. And if you’re running a node (basically helping to operate the network), you can earn even more from transaction fees and tokens. Node operators receive 20% of the $WPAY token supply and 40% of transactional revenue, promoting network decentralization and offering substantial earning potential.

3. Last week, Wirex Pay launched the closed Whitelist Node Sale. Can you please explain what does it mean? 😅

Oy yeah, it’s a big milestone for us, and the first Node Sale we’ve ever done  

The Whitelist Node Sale was an exclusive opportunity for a select group of early supporters and community members to purchase nodes in the Wirex Pay network before they were available to the general public. This event was a key step in decentralizing the network’s infrastructure and governance by involving the community directly. Those who were on the whitelist were given early access to buy these nodes, which will play a crucial role in validating transactions and maintaining the network.

The purpose of this closed sale was to reward our most engaged users and supporters by allowing them to be the first to invest in and contribute to the development of the Wirex Pay ecosystem. It was a huge success, raising significant funds and setting the stage for a broader public node sale that will allow even more people to get involved.

The Whitelist stage is over, but the Public Sale is now live. You can check it out at the following link.

4. What are Nodes in the context of Wirex, and what role do they play in the ecosystem?

Simply put, nodes are servers that validate transactions and keep the blockchain running smoothly. To make this process more innovative and inclusive, we’ve introduced a Node Sale mechanism. This isn’t just a way to expand our network but also a unique approach to decentralizing governance and infrastructure, which is key to the future of blockchain technology.

So, what exactly is a Node Sale? It’s a method we use to distribute these blockchain nodes to participants who are passionate about supporting the network. By participating in a Node Sale, you’re not just investing in a digital asset—you’re becoming an integral part of the Wirex Pay ecosystem. This decentralized approach allows you to contribute to network growth and governance, making our system stronger and more secure.

5. How can users participate in and benefit from Nodes?

Users can participate in the Node Sale by following this link. 

The sale is organized by Tiers —the earlier the Tier, the better the price. 

Tokens accepted: $wETH, $USDT, $USDC and $DAI on Polygon.

Here are some overall details:

• Nodes for Sale: 100,000
• Total $WPAY Supply: 10 billion
• Allocation: 20% $WPAY
• Revenue Share: 40% Transaction Revenue Share

There are several key benefits to participating in a Node Sale:

1. Decentralized Infrastructure and Governance: By distributing nodes widely across our community, we ensure that control and operation of the network aren’t concentrated in one place, which makes the network decentralized. This decentralization strengthens the network’s security and ensures that decisions are made more democratically.

That’s the technical part, and now the more interesting part:

2. Every node will be a part of the reward system – 20% of the WPAY token supply will be distributed to the Node owners over 5 years. Also, 40% of the transaction revenue will be distributed to node owners as well. Since Wirex has already processed $20B in crypto transactions since its inception you can get the idea

• It’s really important to mention that if you own more nodes, you will not receive only one reward. But each node you own is part of the rewards
• Node ownership may also offer opportunities for additional airdrops in the future and additional benefits

By participating in our Node Sale, you’re not just contributing to Wirex Pay – you’re helping to shape the future of decentralized digital payments. 

6. How does Wirex ensure the integrity and reliability of its Nodes?

When you purchase a Wirex Pay node, you receive a Node License NFT, which is an ERC-721 token that serves as proof of ownership. This NFT is crucial for activating and operating your node within the Wirex Pay network, and it can be traded or sold if needed. Here’s what makes this system beneficial:

1. Proof of Ownership: The Node License NFT acts as official proof that you own and have the right to operate the node.
2. Transferability: After 360 days, the community will vote on when these NFTs can be transferred, ensuring a democratic process.
3. Network Participation: Owning a node and its NFT allows you to actively participate in the network’s operation and decision-making.

Benefits of Running a Wirex Pay Node:

• Ongoing Rewards: Node operators receive continuous rewards from the token supply and a portion of the transaction revenue.
• Additional Airdrops: Owning a node may make you eligible for additional token airdrops.
• Governance Rights: Node operators have a say in network governance, influencing future decisions and developments.
• Tradable Proof: The NFT provides clear and tradable proof of ownership.
• Market Participation: These NFTs can be sold or traded on secondary markets, offering flexibility and potential profit opportunities.
• Inclusive Contribution: Node ownership allows individuals to contribute to and benefit from the network’s growth.

This should give you a clearer understanding of how Wirex Pay ensures the integrity and reliability of its nodes.

7. Can you please share the results of the Whitelist Sale stage?

The whitelist phase saw an overwhelming response of the market situation:

• 18,000+ nodes sold, 
• $5,000,000 raised in 3 days
• Tier 1 and Tier 2 sold out 
• Tier 3 is also almost sold as for now 

8. Let’s talk about the upcoming Public Sale? How can I buy a Node? Can I pay with crypto? 👀

With pleasure….

Public Sale is live since yesterday. To purchase a Wirex Pay Node, you should go to this website.

We Have also created detailed guide here.

This will walk you through the entire process.

Keep in mind that you need a non-custodial wallet (such as MetaMask, COCA (love it❤️), OKX, Rainbow, Coinbase, etc.) to purchase a Wirex Pay Node.

You can pay for your Wirex Pay Node using supported assets on the Polygon network. These include wETH, USDC, USDT, and DAI.

9. Why do you think investors should participate in the Public Sale? Btw, is it available for European users only? 

Investors should consider participating in the Public Sale for several compelling reasons:

Earn Rewards: As a node operator, you’ll receive 20% of the $WPAY token supply over five years, along with up to 40% of transaction revenue. This creates a steady income stream and gives you a stake in the network’s success.

Governance Rights: Owning a node provides you with governance rights, allowing you to vote on key network decisions. This ensures that the development of Wirex Pay aligns with the interests of its users.

Proof of Ownership and Tradability: The Node License NFTs serve as proof of ownership and can be traded or sold. This flexibility makes the investment appealing to a wide range of participants, from individual users to institutional investors.

Regarding availability, the Public Sale is not limited to European users -it is open to participants from various regions.

10. Are there any specific milestones or key dates that investors and users should know?

There are some key milestones we’ve  already reached: 

• We sold 8,000 nodes and raised $2M in the first 5 minutes of opening the whitelist sale on Monday
• In the whole whitelist sale, so in just 3 days, we raised $5M and sold over 18% of all nodes available
• We are now approaching the milestone of selling 20,000 nodes and $6M raised

And new milestones upcoming: 

• Public round of Node Sale – launched and will run until mid-September.
• Wirex Pay Mainnet – Coming Soon
• $WPAY token – Approaching
• Wirex Pay cards – On the Horizon

After TGE users will be able to run NODEs using three options:  

1. Doing it by yourself (advanced) 
2. Using our infrastructure partner Gateway or  
3. Delegating Node License.  

Any of these options will be very easy to follow, so even non-native crypto people will be able to run a node. We will provide a step-by-step guide for all the options. 

🚀🚀🚀

Questions from the BeInCrypto Community

11.  @hoangnamg63 Can you explain the key differences between the Whitelist Sale and the upcoming Public Sale for Wirex Pay nodes? What were the most significant takeaways from the Whitelist Sale, and how will they influence the Public Sale strategy? How does the Wirex Pay node system enhance the overall functionality and user experience of the Wirex ecosystem?

Thanks a lot for the question 

The key differences between the Whitelist Sale and the upcoming Public Sale for Wirex Pay nodes primarily revolve around access and timing. The Whitelist Sale was an exclusive opportunity for early supporters to purchase nodes before they were available to the general public. It allowed these early participants to secure nodes, often at favorable prices, and helped gauge initial interest.

In contrast, the Public Sale, which started on August 8th and will run until mid-September, is open to everyone. During this phase, nodes are sold through 40 pricing tiers, with prices increasing as more nodes are sold. This tiered pricing strategy helps manage demand and ensures that the sale remains fair and accessible.

From the Whitelist Sale, the high demand demonstrated strong support and enthusiasm from early participants, which we’ll leverage to drive greater interest in the Public Sale.

The Wirex Pay node system enhances the overall Wirex ecosystem by:

1. Offering Rewards: Node operators receive 20% of Wirex Pay’s total token supply over five years and 40% of transaction revenue. This creates a continuous income stream and aligns their interests with the network’s success.
2. Empowering Governance: Owning a node grants governance rights, allowing operators to influence network decisions and ensure that Wirex Pay evolves in line with its users’ needs.
3. Facilitating Participation: The Node License NFTs provide proof of ownership and can be traded or sold, making participation flexible and attractive to a wide range of users.

12. @concutrangxoa Can you elaborate on the structure and pricing mechanism of the whitelist node sale? Specifically, how did the tiered pricing model influence user participation and what strategies were employed to ensure transparency and fairness during the sale?

Good question ❤️

Each tier has a set number of nodes available at a specific price, and the price goes up as each tier sells out. This setup rewards early buyers with better prices. Let me share the image with all tiers

The earlier you buy – the better deals.

To ensure transparency and fairness during the sale, we used a few key strategies:

1. Clear Pricing Information: We provided detailed pricing information for each tier upfront, so participants knew how prices would increase and could plan their purchases accordingly.
2. Regular Updates: We kept participants informed with regular updates on the status of each tier, including which ones were sold out and the current pricing.
3. Whitelist Access: The Whitelist phase gave a select group of participants early access to the sale, helping to manage demand and keep the process organized.
4. Comprehensive Documentation: We offered detailed guidelines and documentation to all participants, ensuring they had clear information about the sale process, pricing, and node availability.

13. @RosalindaChappell Can you discuss the potential long-term impact of Wirex Pay’s decentralized payment ZK Chain on the financial landscape, particularly in terms of accessibility, efficiency, and inclusivity of global payments?

With great pleasure.

The Wirex Pay decentralized payment ZK Chain could have a major impact on the financial world by improving accessibility, efficiency, and inclusivity.

1. Accessibility: The ZK Chain makes financial services available to more people, especially those in areas where traditional banking is limited. With this decentralized system, anyone with an internet connection can access financial services directly, without needing to go through traditional banks.
2. Efficiency: Using zero-knowledge proofs, the ZK Chain speeds up transactions and cuts costs. It allows for secure and private transactions without revealing personal details, which means faster processing and lower fees compared to traditional payment methods. This makes transactions smoother and more cost-effective.
3. Inclusivity: The ZK Chain promotes financial inclusivity by lowering barriers to entry. It reduces fees and simplifies the process, making it easier for people who don’t have access to traditional banking to participate in the financial system. This helps ensure that more people can benefit from financial services.

14. @MaudEstrella What are the primary goals Wirex aims to achieve through the Node Sale, and how does this initiative align with the broader mission of decentralizing global payments?

Good one 👍

Wirex has a few main goals for the Node Sale, and these goals fit well with its larger mission to decentralize global payments:

1. Increase Participation: By selling nodes, Wirex wants to get more people involved in running its network. More participants help ensure the network is strong and reliable.
2. Boost Security and Efficiency: More nodes mean better security and efficiency for the Wirex Pay network. Node operators help process transactions and keep the system running smoothly.
3. Promote Decentralization: The sale helps Wirex move towards a more decentralized system. With more nodes operated by different people, there’s less dependence on central authorities, making the network more democratic and resilient.
4. Encourage Growth and Innovation: Node operators are rewarded and get a say in how the network is run. This encourages them to support and improve the network, helping Wirex grow and innovate.

15. @IvetteMcgrew How does the node ownership model align with Wirex Pay’s broader mission of creating a more decentralized and inclusive financial system? What role do node operators play in shaping the future of Wirex Pay and influencing its governance and operational decisions?

Thanks for the question 

Node operators are essential to the Wirex Pay network. They are eligible to receive 20% of the total WPAY token supply + up to 40% Wirex Pay revenue share. Additionally, node operators will be the first to receive WPAY tokens, ensuring they play a crucial role in the early stages of the network. This strategy aims to drive community participation and increase the decentralization of the network. By participating in the Wirex Pay DAO, token holders will not only help shape the future of the network but also gain access to various rewards and benefits, ensuring a truly decentralized and community-driven payment network.

Final Thoughts

In conclusion, the AMA session with Mila from Wirex Pay offered an exciting look at the future of digital payments. Wirex Pay’s use of Polygon ZK technology and the launch of the Node Sale highlight their commitment to innovation and decentralization. 

The strong response to the Whitelist Node Sale shows the community’s support and trust in Wirex. As the Public Sale continues, more people can join this exciting journey, helping to create a more secure and efficient financial system. 

Wirex Pay is blending traditional finance with blockchain technology to make digital payments easier and more accessible. You can check out their node sale website here. Furthermore, you can follow their Twitter and join their Discord to stay up to date with their latest updates.