WXT Added to Ethereum in DeFi Push
Forget about treading water – at Wirex, we prefer to ride the crest of the wave. We’ve been the vanguard of the mission to bring decentralised digital currency to the masses for more than half a decade; in that time, we’ve broken down barriers and made it easier than ever for people to use their crypto in real life.
Standing still simply isn’t an option. Which is why we’re obsessed with two things: innovating - and sharing those innovations with as many people as possible. We created the first debit card that allows holders to spend crypto in the real world, as well as the world’s first cryptocurrency rewards programme – not to mention becoming the first crypto-friendly company to achieve principal membership of both Mastercard and Visa.
But you already know all that. So, without further ado, we’re delighted to reveal our latest mission – bringing the benefits of Decentralised Finance, or DeFi to the masses. On 06/05/21, we’re migrating 20% of the total supply of Wirex Tokens - 2 billion WXT - from the Stellar Network to the Ethereum blockchain, making WXT our first multi-blockchain cryptocurrency. Why? We firmly believe in the potential for DeFi to change the way people think about and use money – making WXT available on the most popular and powerful blockchain for DeFi applications is a no-brainer. Here’s CEO Pavel Matveev to explain further:
"Wirex without innovation isn't an option. We've always believed in DeFi as a movement, and our role is to make that movement tangible, safe and accessible for our customers to use in real life. Listing a percentage of our WXT token on the Ethereum network will allow additional innovations for our customers.”
Put simply, splitting WXT between the Ethereum blockchain and Stellar Network gives our customers increased power, efficiency and flexibility - not to mention opening the door to a whole world of decentralised apps (Dapps) for millions of people who might not otherwise be able to benefit from DeFi. Our partnership with Stellar – famous for being the go-to network for super-powered cross-border payments - helped us bring low-cost, near-instant payments to the mainstream. However, we know that blockchain tech has much broader applications than just payments, which is why it’s time to do the same for DeFi. And it’s just the beginning - migrating WXT will also allow users to get even more out of the Wirex platform:
“This is just a part of our wider commitment to the DeFi movement; our new X-Accounts feature will enable passive income from crypto, and other Defi features are set to be developed through 2021. As a crypto-friendly business we don't advocate any one platform or currency, rather the ability to choose the best financial products that match the needs of our customers.''
And we’re as good as our word - the new X-Accounts functionality will soon be joined by a raft of new cryptocurrencies, giving Wirex customers more flexibility than ever before. The future is bright, and one thing is for certain – Wirex will continue to DeFi the status quo!
Ethereum-based WXT is undergoing final testing and will be available to use in the Wirex app a few days after migration. WXT (Ethereum-based) are currently only available to buy on the following exchange:
1inch is a DEX aggregator that works out the best crypto prices across decentralised exchanges, and reroutes trades between them.
You can buy WXT (Stellar-based) on the following exchanges now:
You can find the Wirex Ethereum smart contract address here
You can find the Wirex Stellar asset address here