Wirex Credit Launches in UK and Expands Crypto Collateral Options

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Aug 04, 2022, 06:00 ET

LONDON, Aug. 4, 2022 /PRNewswire/ -- Wirex, a leading crypto and payments ecosystem, has expanded the Wirex Credit program to new regions and developed additional features. Their crypto-back credit lines are now available to UK users and has added WXT as a token to be used as collateral.

Having launched last month on the Wirex app, Wirex Credit has become a hugely popular option for users wanting 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, for UK customers as well.

The product was launched to give their 5 million users straightforward access to the benefits of DeFi, and offers complete flexibility and control. With a highly intuitive user interface, borrowing crypto is easier than ever. Customers can instantly borrow stablecoins starting at 0% interest, no origination or set-up fee, the ability to take out up to 5 credit lines at once, with no credit or affordability checks required.

From today, customers can use BTC, ETH and now WXT as collateral, and instantly receive NXUSD, USDC, USDT and DAI as credit.* Users repay when they want and only pay interest for the days the credit line is live.

The products' use-cases appeal to a wide audience, where users can quickly and easily access liquidity whenever without having to sell their crypto. This newfound liquidity can then be spent instantly in real-life with the Wirex debit card at over 80 million locations worldwide, online or in-store.

Pavel Matveev, CEO and Co-Founder of Wirex, commented: "Wirex has a long-standing reputation of delivering easy to use crypto products for the everyday consumer. Wirex Credit brings a hugely competitive offering, allowing users quick and easy access to access to crypto-backed credit lines. We're continuing to develop the product to offer more choice of tokens to be used as collateral to open a credit line. With our largest customer base in the UK, it's great to be able to expand 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 options for collateral, and cross-collateral borrowing allowing users to combine different assets in their portfolio for a loan.

To find out more about Wirex Credit, visit: https://wirexapp.com/crypto-credit.

* Wirex Credit, provided by Wirex Digital, is subject to the T&Cs, Privacy Policy and availability by region may differ. All credit lines are provided in stablecoins. Exact rate and max LTV depends on collateral used and stablecoins borrowed. See website for full details. Cryptocurrency is volatile and all lending is conducted 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 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 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 80 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 8% back in WXT for every transaction they make.

To reflect the growth of the metaverse, throughout 2021, the company has expanded their product to enable mainstream access to DeFi. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.

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 |

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SOURCE Wirex