Bringing DeFi to the Masses: Launch of X-Accounts & Fireblocks Partnership

Region: Europe
Jun 23, 2021, 9:45:00 AM Published By Wirex Team
  • Earn up to 16% interest back on crypto and fiat funds*
  • Superior to leading competitors and high-street banks with unprecedented levels of control
  • User-friendly, zero fees, interest accumulated daily and paid weekly, withdraw funds at any time, no minimum amount or term
  • Robust technology offering maximum security

We've been teasing it for a while, but we're excited to announce the launch of our game-changing X-Accounts feature, and partnership with Fireblocks, an industry-leading crypto provider. Set to become one of the world’s most accessible interest-paying accounts, X-Accounts will allow users to earn up to 16% on their crypto and fiat funds*.

Our long-term goal has always been to make crypto ‘open to all’, offering the ability to utilise crypto in the everyday with the world’s first crypto-enabled debit card. With decentralised finance (DeFi) becoming hugely popular in recent months, X-Accounts will open up the often complex and expensive DeFi space to everyone, from hardcore crypto investors to casual, everyday users, and bring the benefits of DeFi to the mass market.

X-Accounts will allow customers to earn unprecedented levels of interest on both fiat and crypto funds* when compared to competitors and high-street banks. Avoiding the expensive fees and complicated processes often associated with DeFi and yield farming, users will have the ultimate control over their funds, with instant access, no minimum holdings and no maintenance fees for each pot.

Combined with our other benefits, the addition of X-Accounts reaffirms our vision to become the go-to crypto platform for users of all abilities. This includes consistently low fees, exclusive interbank and OTC exchange rates, free international ATM withdrawals, up to 2% Cryptoback™ rewards on card purchases, and the ability to hold multiple crypto and fiat accounts with a single intuitive app.

Further removing the complexity and trust issues often associated with owning a crypto wallet, we’re also excited to announce the upcoming integration with Fireblocks’ enterprise technology to offer maximum security of user's funds. Building on our reputation for regulatory compliance and customer safety, the partnership will give us up to $30 million on insurance on crypto assets.

Pavel Matveev, CEO and Co-Founder of Wirex, said that:

“X Accounts will give everyday users easier than ever access to DeFi, offering quick cryptodeposits and high interest rates on anyone’s fiat and crypto holdings, meaning customers can sit back and watch their assets grow like never before. By working with Fireblocks to offer secure, scalable and built-in compliance protocols, customers can use X-Accounts without worrying about the risk that’s often found with many DeFi products.”

Michael Shaulov, CEO and Co-Founder of Fireblocks, describes the technology’s significance:

"Maximising digital asset security is extremely important with this level of operational scale and efficiency, especially when it comes to DeFi. Building on top of the Fireblocks platform will bring an additional layer of security to Wirex’s customers as they become a part of the growing DeFi ecosystem."

The latest news has further solidified our support for the DeFi space, following a series of important announcements. In May, we migrated 20% of our native token, WXT, to the Ethereum blockchain, and recently hosted an exclusive NFT giveaway. Since then, we’ve launched multiple ERC-20 tokens on the platform, including UNI, AAVE and MKR, with plans for many more, so stay tuned!

Users will need to update to the latest version of the Wirex app to access the full functionality of X-Accounts (including interest in WXT)

*Earnings apply to fiat converted to stablecoins. Subject to T&Cs.