I have received an email about the upgrade to Fireblocks, does this impact me?
If you are based in UK, EEA, APAC or Rest of World (excluding USA), yes, the upgrade to Fireblocks will impact you. This will mean that you will get enhanced benefits when sending / receiving crypto via on-chain transactions (e.g., lower fees). This also means that your existing addresses for legacy crypto assets (BTC, LTC, XRP etc) will change. You should stop using your old address immediately and when you wish to deposit funds into your Wirex account, you will need to generate a new address
Why have you migrated digital asset custody to Fireblocks?
Fireblocks are the industry-leading digital asset custodian and provide a host of benefits to Wirex and to our customers. As we grow, it is important to make sure that we are working with the most innovative and most secure partners so we can continue to provide a safe and cutting-edge service to our users
What additional benefits will I receive as a user now you are supported by Fireblocks?
Here’s what you can expect from our innovative new wallet infrastructure:
Lower blockchain fees
Sending crypto? Save as much as 67% on gas fees when transferring funds, thanks to Fireblocks’ cutting-edge Multi-Party Computation (MPC) technology.
One address for all tokens
Use just one crypto address for all of your tokens on a wide range of blockchains, including Ethereum, Polygon and Avalanche.
Support for more tokens & blockchains
Choose from even more tokens and connect to even more DeFi applications via different chains. Plus, we’re adding support for new tokens and blockchains all the time, so stay tuned!
Digital asset insurance
HODL with peace of mind thanks to Fireblocks’ insurance coverage of $30m.
Enhanced transaction processing
Our upgraded infrastructure means that your transactions can now be processed without delays - even during peak hours and market rallies.
Native SegWit support for bitcoin
Benefit from significant blockweight savings by sending crypto with a SegWit address. Not sure if your address supports SegWit? If the address on the receive screen begins with “bc1”, you’re good to go!
Will my crypto address change?
Yes – as a result of this upgrade to Fireblocks, your crypto addresses will change. Now, if you wish to deposit crypto into Wirex, you will generate a new address. This will provide more security and as the transaction is supported through Fireblocks, it will be quicker and provide more stability
What happens to my old crypto address?
For one month, your old crypto address will be supported by Wirex, however, you will not be able to see this in-app. It is important that you start generating a new address in-app straight away when you wish to deposit funds into Wirex. Any funds sent to Wirex using your old address during this time are at risk
If I send funds to my old address, will these be lost?
After the one-month initial transition period, any funds sent to Wirex using your old crypto address will be lost. Unfortunately, there will be no way for us to retrieve those funds. Therefore, it is critical that you do not save your old address in any other platforms and you generate a new address before when depositing crypto into Wirex
Can I still deposit crypto into Wirex?
Of course, the upgrade to Fireblocks provides support for more tokens / blockchains, whilst making gas fees cheaper for you. This means that now more than ever is a great time to send funds to Wirex for secure storage or to deposit into one of our high yield X-Accounts (where available)
Do I still need to ensure that I use the same blockchain address to the corresponding blockchain for where the funds are held elsewhere?
Yes – it is critical that you send crypto from one wallet to another using the correct wallet address (e.g., when sending MATIC on Polygon, you must generate a Polygon address, not the ERC-20 address). If you use a different blockchain the funds could be lost
How do I send crypto into Wirex?
Within the Wirex App:
Go to Accounts
Select your crypto account you wish to receive funds
Click Add Funds
Select On Chain Transaction
Select Network (e.g., ERC-20)
Use only this address to deposit funds into Wirex