Wirex Credit launches in the UK and expands crypto security options
LONDON, 4 August 2022 /PRNewswire/ — Wirex, a leading crypto and payments ecosystem, has expanded the Wirex Credit program into new regions and developed additional features. Their crypto-back lines of credit are now available to UK users and have added WXT as a token to be used as collateral.
After launching last month on the Wirex app, Wirex Credit has become a hugely popular option for users looking to easily and quickly borrow crypto-backed credit lines of up to $100,000. Wirex Credit is currently available to users in Europe and Asia and with today’s announcement, also for UK customers.
The product was launched to give their 5 million users easy access to the benefits of DeFi, offering complete flexibility and control. With a highly intuitive user interface, borrowing crypto is easier than ever. Customers can instantly borrow stablecoins starting with 0% interest, no origination or set-up fees, the ability to draw up to 5 lines of credit at once, with no credit or credit checks required.
Starting today, customers can use BTC, ETH and now WXT as collateral and instantly receive NXUSD, USDC, USDT and DAI as credit.* Users pay back when they want and only pay interest for the days the credit limit is active.
The products’ use-cases appeal to a broad audience, where users can quickly and easily access liquidity at any time without having to sell crypto. This newfound liquidity can then be used instantly in real life with the Wirex Debit Card at over 80 million locations worldwide, online or in-store.
Pavel MatveevCEO and co-founder of Wirex, commented: “Wirex has a long-standing reputation for providing easy-to-use crypto products for the everyday consumer. Wirex Credit provides a hugely competitive offering that gives users quick and easy access to crypto-backed lines of credit. We continue to develop the product to offer more choices of tokens that can be used as collateral to open a line of credit. With our largest customer base in the UK, it’s great to be able to extend Wirex Credit to these users.”
In the coming weeks, Wirex will continue to expand the Wirex Credit offering, including the release of many more popular tokens as collateral options, and cross-collateral loans that allow users to combine different assets in their portfolio for a loan.
To find out more about Wirex Credit, visit:
* Wirex Credit, provided by Wirex Digital, is subject to T&Cs, privacy policy and availability by region may vary. All credit lines are provided in stablecoins. Exact interest rate and maximum LTV depends on collateral used and stablecoins borrowed. See website for full details. Cryptocurrency is volatile and all lending takes place at the user’s risk
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payment space. In 2015, the firm developed the world’s first crypto-enabled payment card that allows users 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 accessible to everyone. 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 next-generation 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 crypto currencies 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. Starting with the launch of their popular X-Accounts feature, which offers unprecedented interest levels, Wirex has continued to add to its DeFi arsenal with the release of the 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 dollars worth of transactions already processed and rapid expansion into new territories, including the US, Wirex is uniquely positioned to support and advance the mass adoption of a cashless society through creative solutions.
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