WadzPay Token (WTK) is available on the XinFin Foundation’s XDC Network as an XRC-20 token, marking the next step in a strategic technological partnership between the two major players. Enhancing WTK cross-chain interoperability paves the path toward WTK’s use for gaming, microtransactions and remittances — all developments planned for 2022, among various other applications and use cases.
WTK will have a vital role in realizing WadzPay’s drive for interoperability between payment protocols, which will enable the conversion between central bank digital currencies (CBDC), stablecoins and cryptocurrencies by bridging the “old world” of fiat-based payments with the newest technologies of digital-asset payments.
WadzPay currently offers issuance, acceptance, gaming and remittance products. This partnership with XinFin will further enhance its offering with loyalty, tokenization, trade finance and buy-now-pay-later services in the coming months.
The XDC Network was selected by WadzPay as the ultimate protocol, given its significantly faster transaction speeds, negligible gas fees and military-grade security, along with XinFin’s focus on providing applications for trade finance and remittances.
As part of WadzPay’s core principles of interoperability and delivering value to its customers, WTK will be available on other leading protocols as well in the future to enable a variety of choices, allowing users to match the best protocols to specific use cases.
“We are thrilled to expand WTK to one of the fastest-growing and innovative networks in the entire blockchain space, allowing us to solve interoperability issues for blockchain payments,” said Anish Jain, CEO and managing director of WadzPay.
“Once solution providers realize how strong and beneficial development on the XDC network is, (then) it becomes a no-brainer decision to utilize our powerful technology. Even more special is how WadzPay will also partner with Impel for financial messaging and payments to service their customers better,” said Troy S. Wood, project lead at Impel — the official ISO-20022 financial messaging and XDC-payments startup born out of XinFin.
Users will be able to utilize an easy-to-use bridge that will convert WTK ERC-20 tokens into XRC-20 tokens, instantly benefiting from the many advantages offered by the XDC Network.
Exchange support for WTK is coming soon to allow users to choose which blockchain protocol they wish to use for token withdrawals as users shop for low gas fees and fast transaction times.
WadzPay is a technology-agnostic blockchain-based digital payments ecosystem with an interoperable layer connecting the various verticals to a unified platform. The company was founded in Singapore in 2018 and is currently operating in Southeast Asia, South Asia, the Middle East and Africa. WadzPay saw the potential for CBDCs and digital assets to lead the next revolution in the payments industry, enabling faster payments, improvements in security and cost-efficiency with optionality. WadzPay is working with large international payments companies, banks and global companies to enable digital asset-based transaction processing and settlements to revolutionize payments.
XinFin is an open-source, delegated proof-of-stake consensus network that enables hybrid-relay bridges and can handle over 2,000 transactions per second with a minimal fee of $0.0001, a confirmation time of two seconds and interoperability with ISO-20022 financial messaging standards. The platform is fully optimized for international trade and finance. Powered by its native token, XDC, the network is an Ethereum Virtual Machine-compatible smart contract platform to support various use cases such as trade finance remittance, CBDCs and other mass-market decentralized applications.
Vice President of PR and Communication