SINGAPORE, Jan. 21, 2022 (GLOBE NEWSWIRE) — WadzPay Token (WTK) is available on XinFin’s XDC Network as an XRC20 token marking the next step in a strategic technological partnership between the two major players, enhancing WTK cross-chain interoperability paving the path towards WTK being used for gaming, microtransactions, and remittances planned for 2022 amongst various other applications and use cases.
WTK will have a vital role in realizing WadzPay’s drive for interoperability between payment protocols enabling conversion between CBDCs, 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 (BNPL) services over the coming months.
The XDC Network was selected by WadzPay as the ultimate protocol given its significantly faster transaction speed, negligible gas fees, and military-grade security, along with XinFin’s focus on delivering applications for trade finance and remittances.
As part of WadzPay’s core principle 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 choice, allowing users to match the best protocol for their 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 in blockchain payments” stated Anish Jain, Managing Director and CEO of WadzPay.
“Once solution providers realize how strong and beneficial developing on the XDC Network is, 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” ~ Troy S. Wood, Project Lead for Impel, the official ISO-20022 financial messaging and $XDC payments startup born out of the XinFin Foundation.
Users will be able to utilise an easy-to-use bridge accessible at https://bridge.wadzpay.com/ which will convert their WTK ERC-20 tokens into XRC20 tokens, instantly benefiting from the many advantages offered by the XDC Network.
Exchange support for WTK will be coming soon to allow users to choose between which blockchain protocol they wish to withdraw their tokens onto, as users shop around 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 2018 in Singapore and is currently operating in South East Asia, South Asia, Middle East and Africa. WadzPay saw the potential for CBDC 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 payment companies, banks, and global companies to enable digital asset-based transaction processing and settlement to revolutionize payments.
XinFin is an open-source, delegated proof of stake consensus network (XDPoS) that enables hybrid relay bridges, can handle over 2000 TPS, with a minimal fee of $0.0001, confirmation time of 2 seconds, and interoperability with ISO 20022 financial messaging standards. The platform is fully optimised for international trade and finance. Powered by its native XDC token, the network is an EVM Compatible Smart Contract Platform to support various use cases like Trade Finance Remittance, CBDC, and other mass-market DApps.
SOURCE: Global News Wire