You can now buy, store, exchange and spend lumens (XLM) on the Wirex platform, making it the fifth CoinMarketCap top-ten currency to join Wirex – and bringing our digital token offering to nine overall. However, the release of a secure Wirex XLM account is just the first phase of a revolutionary new partnership between Wirex and the Stellar network. We plan to build 26 traditional currency-backed Wirex stablecoins on the Stellar network, a move that represents a huge leap forward on the road to a genuine token economy – and an exclusive opportunity for our retail and corporate customers. Find out why stablecoins are causing big waves in the crypto pond here.
Paving the way
The release will make Wirex the first company to offer stablecoins pegged to a large variety of international fiat currencies, including USD, EUR, GBP, HKD and SGD. Currently, most stablecoins on the market are USD-backed tokens. Providing stablecoins in an array of local currencies allows for swift, international remittance without the need for local liquidity providers – and converting back into local currency is quick and cheap. Speaking of firsts, our 26 stablecoins represent the first fiat-pegged cryptocurrencies that can be used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – thanks to the Wirex Visa card. They are also the first stablecoins that can be instantly converted into digital or traditional currencies at OTC and interbank rates, making them even more suitable for moving money around the world.
A groundbreaking alliance
When it came to choosing a blockchain on which to build our stablecoins, Stellar stood head and shoulders above the competition for several reasons:
- As an FCA-regulated company, regulatory compliance is our priority. The Stellar protocol features an inbuilt compliance framework, automatically ensuring regulatory adherence
- The majority of existing stablecoins are built on the Ethereum blockchain which processes roughly 25 transactions-per-second (tps). Stellar manages at least 1,000 tps, making it significantly faster and more scalable
- Stellar and Wirex share a common goal and values – to bank the unbanked, democratise access to financial services and facilitate the integration of the burgeoning token economy
Don’t have a Wirex account yet? Sign up today and take back control of your digital and traditional currency.