Crypto-Friendly Fintech Wirex Looks to Metaverse with Whitepaper Launch and 5BN 'DeFi-Ready' Digital Currency Investment

News provided by

Dec 07, 2021, 06:00 ET

LONDON, Dec. 7, 2021 /PRNewswire/ -- Wirex, a UK-headquartered payments firm with over 4.5 million global customers, has announced a new whitepaper which will position the company for exponential growth. As the metaverse gains global traction, the whitepaper solidifies Wirex's commitment to bridging fiat and digital currency universes, revealing several fintech and DeFi innovations alongside an overhaul of its native token, WXT. Alongside the whitepaper, Wirex has confirmed it will invest 5 billion WXT via a partnership with nascent DeFi protocol, Nereus.

Long associated with innovations within the crypto sphere, Wirex lays claim to several ground-breaking achievements since its inception in 2015. Having developed the first crypto-enabled debit card, the company also created the world's first crypto rewards programme, Cryptoback™ rewards. Most recently, they became the first crypto-friendly business to be awarded Mastercard Principal Membership for their card issuing programmes. The latest whitepaper announcement maintains Wirex's vanguard-of-innovation company philosophy.

Metaverse-Ready – Wirex Whitepaper

The new Wirex whitepaper brings an updated vision for Wirex's WXT token, placing it at the centre of a raft of new innovations for both fintech and DeFi users. Co-Founder and CEO Pavel Matveev commented; "The growth of the metaverse will lead to seismic change where Wirex sees two trends evolving from it; convergence and inclusion. Financial products that can operate seamlessly across digital and fiat currencies will be the norm, and over 1 billion people worldwide will finally be included within this ecosystem. Wirex will be at the forefront of metaverse innovation by widening our product offering, removing barriers between fiat and crypto rails, and offering new financial products with our native token, WXT, at its core."

Matveev cited three major innovations from Wirex within the whitepaper: an updated role for WXT in-app thanks to the 'X-tras 2.0' reward programme; the global launch of a non-custodial Wirex Wallet; and wider use cases for WXT across the Wirex ecosystem.

'X-tras 2.0' upgrades Wirex's existing reward offering, bringing the best of DeFi to a CeFi audience. HODLing will be incentivised, with users who hold more WXT receiving up to 16% savings 'HODLing' bonuses and up to 8% Cryptoback™ rewards. The newly launched Wirex Wallet – a non-custodial multi-chain wallet - will be available globally, sitting alongside the existing Wirex app. "These changes reflect the aggressive growth for hybrid financial products. The metaverse will see more users demanding safe and secure lending, borrowing and staking options, all of which will be available within the Wirex ecosystem for digital and fiat currencies," added Matveev.

Major Investment in DeFi – 5 billion WXT Committed by Wirex

The company has also announced a major 5 billion WXT investment in a new DeFi protocol, Nereus. The investment represents 50% of total WXT supply and will be used to establish the independent protocol on the Avalanche network, where WXT will be used as a liquidity and reward token within the protocol.

Created by a team that includes former Wirex employees, the protocol aims to offer improved governance to DeFi users as well as high quality staking, locking and borrowing options. Referencing the over-representation of VC's and 'whales' in making protocol decisions, the Nereus roadmap includes governance plans which would give a greater voice to all participants, not only those with the largest stake.

"The Nereus protocol investment positively complements Wirex's global vision. We're on a mission to make all currencies equal, and to widen participation in digital adoption. The Nereus team has our full support in building an independent DeFi protocol, where as many people as possible can participate in making governance decisions and benefit from its lending and borrowing features. Nereus' decision to use WXT offers great benefits to both parties. For WXT holders, it represents another use case and benefit of the currency; for Nereus users, they will have access to a liquid currency already available on exchanges, held by millions of people. The new non-custodial Wirex Wallet will make participation within the protocol even easier for Wirex customers," confirmed Matveev.

Wirex whitepaper - whitepaper.wirexapp.com

Nereus website - nereus.finance

About Wirex

Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend 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 for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains

With over 4.5 million customers across 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 centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 61 million locations around the world using the Wirex card.

Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex launched their own native utility token, WXT, and introduced the world's first crypto reward programme, Cryptoback™, which earns cardholders up to 2% back in WXT for every transaction they make.

Wirex is based in London, with offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.

| wirexapp.com |

SOURCE Wirex