Wirex launches crypto-supported credit
LONDON, July 5, 2022 / PRNewswire / – Wirex, the leading payment platform, has launched Wirex Credit, which offers highly competitive interest rates and no set-up fees for crypto-supported loans. Users can easily borrow up to $ 100,000 in stablecoins, with a loan to value (LTV) of up to 80% in the Wirex app.
Crypto loans have become hugely popular in recent months because of their advantages over traditional loans. Wirex’s core goal is to bring the benefits of DeFi to the mass market, and Wirex Credit is adding new uses for crypto to its 5 million customers.
The product allows users to access credit regardless of market conditions, whether it is making money by investing in DeFi protocols or buying a holiday with the Wirex card. As the first company in the world to develop a crypto-enabled card, it is connected to the award-winning Wirex app, which means that credit can be used in over 80 million locations globally, in store or online, no matter where Visa or Mastercard is accepted.
Wirex Credit is set to shake up the competitive landscape, offering an almost immediate loan of up to $ 100,000 issued in USDC, USDT and NXUSD, with an LTV of up to 80% in the Wirex app. There will be no set-up fee, set-up fee or requirement for credit and reasonableness checks, and users can borrow up to 5 lines of credit at a time. Wirex offers full flexibility; customers can pay back at any time and are only required to pay interest for the days the credit limit is active, where credit health can easily be checked in the app.
Wirex Credit adds London-based the company’s arsenal of DeFi to CeFi products in their ecosystem. At the end of 2021, they released the world’s first mass market wallet, whose unique biometric access system, next-generation user experience and cross-chain compatibility with zero exchange fees have proven hugely popular with fintech fans and core crypto users. Users can easily move their loans from the Wirex app to the Wirex wallet, so they can earn crypto from effort and locking after connecting it to DeFi protocols like Nereus Finance. Wirex recently invested 5 billion of their original token, WXT, in Nereus for its reward mechanism, where Nereus has since become one of the fastest growing DeFi platforms ever.
Pavel MatveevCEO and co-founder of Wirex, commented, “This is a landmark in Wirex that offers several ways for everyday users to use crypto, and we have made it as convenient and easy as possible for our customers to take out a crypto-supported loan. Wirex’s huge ecosystem of products means that there are great opportunities to use Wirex Credit, from HODLing to debit card purchases, or to use Wirex Wallet to earn in DeFi protocols. “
In the coming months, the company plans to expand the tokens on which credit is offered and the regional availability.
Wirex Credit is subject to T & Cs, privacy policies and availability by region may vary. All credit lines are given in stack coins. Cryptocurrency is volatile and all lending is at the user’s risk
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has falsified new rules in the digital payment area. In 2015, the company developed the world’s first crypto-activated payment card that gives users the opportunity to seamlessly use crypto and traditional currencies in real life.
Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money available to all. With the main goal of making it as easy as possible to use digital assets in everyday life, Wirex offers a reliable and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payment infrastructure integrated with cryptocurrency blockchains
With over 5 million customers in 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralized mobile app. Fast and easy crypto transfer options are available, as well as the freedom to use 150+ traditional and cryptocurrencies in more than 80 million locations around the world using the Wirex card.
Wirex continues to develop the product in line with market developments, while complying with regional regulations and ensuring appropriate licensing where available. A proven industry pioneer, Wirex launched its own native utility token, WXT, and introduced the world’s first crypto rewards program, Cryptoback ™, which gives cardholders up to 8% back in WXT for every transaction they make.
To reflect the growth of the metaverse, through 2021, the company has expanded its product to enable mainstream access to DeFi. Since the launch of their popular X-Accounts feature, which offers unparalleled levels of interest, Wirex has continued to add to its DeFi arsenal with the release of its non-custodial Wirex wallet and a partnership with Nereus, a decentralized liquidity market.
Wirex is based in Londonwith offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $ 5 billion Worth of transactions already processed and rapid expansion into new territories, including the United States, Wirex is uniquely positioned to support and promote the mass adoption of a cashless society through creative solutions.
| wirexapp.com |
Photo: https://mma.prnewswire.com/media/1853019/Wirex_Credit.jpg
Logo: https://mma.prnewswire.com/media/1761027/Wirex_Logo.jpg
See original content for downloading multimedia: https://www.prnewswire.com/news-releases/wirex-launches-crypto-backed-credit-301580265.html
SOURCE Wirex
