Wirex Pay
  • πŸ‘‹What is Wirex Pay?
  • Wirex Pay
    • Vision and Inspiration
      • On-chain trend
      • Vision of Wirex Pay
      • Inspiration Behind Wirex Pay
    • Evolution of Crypto Debit Cards
      • 1st Generation: Reloadable Prepaid Cards
      • 2nd Generation: Wallet-Linked Debit Cards
      • 3rd Generation: Non-Custodial Cards
      • Comparison of Crypto Card Generations
    • ⭐Wirex Pay Overview
      • Innovative Infrastructure
      • Value Propositions
      • How Wirex Pay Works
      • Incubated by Wirex
    • Wirex Pay ZK Infrastructure
      • ZK Rollups
      • ZK Validium
      • Validium vs. Rollup
      • Wirex Pay and AggLayer Integration
      • Wirex Pay ZK Tech Benefits
    • Target Audience and Use Cases
  • Node Sale
    • What is a Node Sale?
    • πŸ”‘Key Information
    • Pricing Tiers and Limits
    • Node License
    • Wirex Pay Node Rewards
    • πŸͺ™How to Run a Wirex Pay Node Rewards
    • β˜€οΈWirex Pay Node Purchase Guide
    • Guide: Adding Node NFT to wallet
  • Tokenomics
    • DAO
    • πŸ‘‰Tokenomics
    • πŸ•‘Locked/Vested Wallets
    • Node Operator Rewards
    • Difference Between WXT and WPAY
    • Relationship Between Wirex and Wirex Pay
  • Restaking
    • What is Restaking?
    • πŸ”Dual Staking: A New Era of Security
    • Actively Validated Services (AVS)
  • Tech
    • Wirex Pay Chain
  • Guides
    • Getting Your First Wirex Pay Card
    • How to Manage Your Wirex Pay Card: A Complete Guide
    • Wirex Pay Serviced Countries
    • ↗️Wirex Pay Limits
    • Bridge Funds Between Ethereum and Wirex Pay
  • Use Cases
    • Individual Users
    • Non-Custodial Wallets
    • Payroll and Expense Management
    • Communities
    • Web3 Builders
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  1. Wirex Pay
  2. Evolution of Crypto Debit Cards

1st Generation: Reloadable Prepaid Cards

The first generation of crypto debit cards emerges as a simple and practical way for users to spend their cryptocurrencies. These cards are essentially fiat prepaid cards that can be topped up with digital assets. Here’s how they function:

  • Custodial Control: Users convert their cryptocurrencies into fiat currencies through a custodial provider.

  • Pre-Funded Accounts: Fiat funds are then deposited into a pre-funded account linked to the card.

  • Usage: The card can be used for transactions just like any other prepaid card, with funds preloaded and ready to spend.

While these cards provide a straightforward way to use crypto for everyday purchases, they require users to trust a central entity to manage and hold their funds. This custodial setup poses inherent risks and limits the appeal to users who prefer control over their assets.

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Last updated 9 months ago