Wirex Launches world's first 'Mass-Market' Non-Custodial DeFi Wallet

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Dec 14, 2021, 06:14 ET

LONDON, Dec. 14, 2021 /PRNewswire/ -- Wirex, a crypto-friendly digital payments company, today unveiled its mass-market non-custodial Wirex Wallet, solidifying the company's leading position in the crypto and DeFi spheres. With the mass adoption of DeFi on the horizon, Wirex believes their cross-chain, keyless, highly secure Wallet will finally break down the barriers to mainstream adoption.

WIREX LAUNCHES WORLD'S FIRST ‘MASS-MARKET’ NON-CUSTODIAL DEFI WALLET

The Wirex Wallet, available to download from app stores, allows users to manage more than 100 different cryptocurrencies from their mobile device securely and efficiently. Co-Founder and CEO, Pavel Matveev, believes the Wirex Wallet will give a new generation of users access to DeFi by including unique features that make it easier and more secure than ever to use.

Uniquely, the app will not require a private key, and instead will rely on biometrics for access. Combining an exceptional user experience with multi-party computation technology ensures resilient security and compliance, rendering complex seed phrases and private keys unnecessary.

Matveev believes the Wirex Wallet will give a new generation of users' access to DeFi, "Wirex is always looking for ways to make digital currencies more accessible and we believe this Wallet is a world-first in making that a mainstream reality. We want to give crypto users access, flexibility and control over their holdings without worrying if their funds are safe, losing their private key, high gas fees or the need to spread their tokens across different apps and platforms."

He suggests that high fees on the Ethereum blockchain and fragmented liquidity across different blockchains is a turnoff to potential DeFi users, where the very people that could gain most from DeFi are simply priced out of the opportunity. Taking the best of Wirex's existing infrastructure, the Wallet offers cross-chain compatibility across the Bitcoin and Ethereum blockchains, with expansion to faster, cheaper Layer 2 networks in the pipeline. This interoperability allows users to swap DeFi tokens across blockchains with unparalleled ease, offering access to a wider pool of tokens, technologies and use cases within a single wallet.

The Wallet cements Wirex's mission to make the benefits of digital currency and DeFi available to the widest global audience, with Matveev citing it as the 'next piece of the puzzle' in offering a full fintech-to-DeFi ecosystem to Wirex users. "We've made a series of major announcements in 2021 that creates a full ecosystem for every kind of cryptocurrency user. Our crypto-enabled Wirex app and card is available in three regions across the world, our CeFi offering - X-Accounts - was recently expanded to an additional 81 countries, and the Wirex Wallet will be available globally, putting a Wirex product in reach of everyone on the planet. That level of accessibility is what really excites us about this launch."

The launch follows a series of DeFi-oriented product announcements from Wirex that are thought will position the company for exponential growth. In December 2021, the company announced a new whitepaper, widening the use cases of Wirex's WXT, as well as announcing a 5 billion WXT investment in new DeFi protocol, Nereus. Earlier this year, the company launched a hugely popular DeFi savings product, X-Accounts, which enables users to earn up to 16% APR interest on both fiat and crypto funds, without the associated complexity and cost. Thanks to a direct connection with AAVE and Compound, the Wirex Wallet will empower users to access even higher rates of APR interest – up to 25%.

For the Wallet, Wirex has an ambitious roadmap to develop its functionality, enabling the ability to send and receive NFTs, as well as expanding compatibility with the Solana blockchain. By expanding the product, they aim to give more choice, lower fees and greater simplicity for people globally.

Wirex Wallet Features

Ability to manage over 100 cryptocurrencies
Easy access to DeFi and NFTs
No need for a private key, seed phrases or prior Wirex membership
Simple purchases of WXT and other crypto using debit and credit card
Cross-chain swaps across Bitcoin and Ethereum blockchains, with expansion to Solana and other blockchains on the roadmap
Resilient security measures including sophisticated SMPC encryption and privacy-first anonymous biometric backups
Low blockchain fees
Available to download from the Google Play and App Store

Notes to editors:

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