Wirex presentation for PayExpo Europe 2017 highlighting the current state of Blockchain technology, cryptocurrency potential in the payments industry and W-Pay, off-chain liquidity network. The full video can be found here: https://www.youtube.com/watch?v=Lveacm2f55A
2. Introduction
- Global Blockchain personal finance platform
- Established in 2014
- Global leadership: 900K users in 130+ countries
- Awards: winner of Phoenix (EU) and FinSum (Asia)
- Team: 80 people London (HQ), Tokyo and Kiev
- Transaction volume: more than $1 BN
- Backed by financial institution (Softbank/SBI Group)
4. Areas of Blockchain application
Fintech (Wirex,- Xapo, Abra)
Insurtech- (Dynamis, Lemonade)
Global ledger- (Everledger)
Identity on blockchain (- Tradle, Netki, Credits)
5. Regulation
- Regulated (Japan, Singapore, Switzerland)
Japanese FSA put in place capital requirements for exchanges as well as cybersecurity and
operational stipulations from 1st April
- Will be regulated this year (South Korea, Philippines)
Several countries, including South Korea and Philippines, are planning to develop regulatory
frameworks for Bitcoin-based businesses later this year
- Regulatory sandboxes (UK, Australia Hong Kong)
UK regulator FCA launched a regulatory sandbox, a few more (Hong Kong Monetary Authority-
HKMA, Australian Securities and Investments Commission-ASIC, Monetary Authority of
Singapore -MAS) are planning to do the same
6. ICO – Initial coin offering
- Easy Money
Market for cryptocurrency investments is booming, having eclipsed the $2 billion mark this year
- No regulations
ICO industry is grey area, but there are plans to start regulating ICO in Japan, China, US etc
- Lack of control
In most cases, nobody is really monitoring the use of funds, which might be held in fiat currency in a
private bank account or in cryptocurrency in a multi-sig wallets
- No business case
Not many projects providing a solution to a real problem on a significant scale
20. Lightning network
Using a network of these micropayment channels, Bitcoin can scale to
billions of transactions per day
21. Lightning network
Instant Payments
Lightning-fast blockchain payments without worrying about block
confirmation times. Security is enforced by blockchain smart-contracts
without creating a on-blockchain transaction for individual payments.
Payment speed measured in milliseconds to seconds.
22. Scalability
Capable of millions to billions of transactions per second across the network.
Capacity blows away legacy payment rails by many orders of magnitude. Attaching
payment per action/click is now possible without custodians.
Instant Payments
Lightning network
23. Low Cost
By transacting and settling off-blockchain, the Lightning Network allows for
exceptionally low fees, which allows for emerging use cases such as instant
micropayments.
Instant Payments
Scalability
Lightning network
24. Cross Blockchains
Cross-chain atomic swaps can occur off-chain instantly with heterogeneous
blockchain consensus rules. So long as the chains can support the same
cryptographic hash function, it is possible to make transactions across blockchains
without trust in 3rd party custodians.
Instant Payments
Scalability
Low Cost
Lightning network
25. Wirex payment network (W-Pay)
A multi asset off-chain liquidity network, enabling ultra-low cost instant payments on a global scale
Instant global
multi-currency payment
solutions
Zero blockchain fees,
gateway fees, or customer
chargebacks
Fully-automated trustless
blockchain environment for
M2M payments
26. Bitcoin payments in Japan
There are more than 5000 shops in Japan, where people can pay with crypto