Wirex Reveals Plan for Decentralised Governance in Upcoming Web3 Payment Network WPay

LONDON, April 9, 2024 /PRNewswire/ -- Wirex, a leading Web3 money app, is taking a big step towards decentralisation by announcing its plans to create a Decentralised Autonomous Organisation (DAO) for its innovative payment platform, WPay. This move shows Wirex's commitment to decentralised governance and gives users a chance to play a more active role in shaping the future of WPay.

The goal of establishing a Decentralised Governance for WPay demonstrates Wirex's dedication to embracing decentralisation and increasing community involvement. Once the DAO is fully set up, users will have the opportunity to propose, discuss, and vote on important updates, new features, and strategic directions for the platform. This will create a democratic and decentralised decision-making process.

While still in the planning stages, Wirex's vision for the DAO aims to transition governance to a model that is transparent, fair, and decentralised. This approach is meant to ensure that the WPay community has a direct say in how the platform evolves, promoting collective decision-making and shared ownership.

Pavel Matveev, CEO of Wirex, expressed enthusiasm for the decentralised governance model, stating, "The move towards decentralisation is crucial for unleashing the full potential of WPay and for cultivating a more inclusive financial ecosystem. The establishment of DAO for WPay will place power in the hands of our users, enabling them to steer the platform in a direction that best serves the community. We anticipate that this user-driven governance will spur innovation, bolster transparency, and enhance the robustness of WPay."

WPay is set to revolutionise the digital finance arena as an advanced decentralised payment network, offering unparalleled benefits:

• Eliminates Counter-Party Risk: WPay's decentralised nature ensures that users retain full ownership of their funds, removing the risk associated with intermediaries.
• Global Spending Power: Users can spend their digital assets using the Visa/Mastercard network, with access to over 80 million merchants in 200 countries.
• Instant Spending and Settlement: Facilitates real-time transactions, allowing for immediate spending and settlement of digital assets.
• Bridges Traditional and Digital Finance: WPay seamlessly integrates digital currencies with everyday financial services, promoting widespread adoption and utility.

This innovative platform is dedicated to transforming how digital assets are utilised, offering a seamless, secure, and empowering payment experience worldwide.

The announcement of plans for decentralised governance underscores Wirex's resolve to pioneer change and empower users within the digital finance landscape. By moving towards a decentralised governance structure, Wirex is laying the groundwork for a more democratic, user-empowered future for WPay and the broader digital payment ecosystem.

For further information about Wirex and WPay, please visit https://www.wpaychain.com/.

About Wirex 

Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly.

As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.

Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.

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SOURCE Wirex