Why did Wirex undertake an IEO? What led to this decision?
There are two main reasons why we decided to launch our own token:
We are long-standing proponents of the token economy. As we developed the Wirex ecosystem (B2C, B2B), we realised that the platform would benefit from its own native token. Not only does this allow us to provide new features for our customers, it also makes our services more cost-efficient for frequent users.
We’ve always worked very closely with the Wirex community and wanted to reward them for their loyalty and dedication. Owning WXT is an unprecedented opportunity for our customers to unlock exclusive features such as higher limits, discounted fees and super-charged rewards.
Token sales are usually fundraising exercises. This is not Wirex’s top priority, ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.
Why an IEO and not ICO?
The main difference between an IEO and an ICO is the degree of due diligence that takes place. IEOs require companies to undergo significant auditing, testing and verification before their tokens are approved and launched. As a result, the quality and reliability of these projects is generally much better than many of those who held ICOs in 2017.
Is WXT a cryptocurrency?
Yes - it’s a utility token, the first native cryptocurrency on the Wirex platform. It is a Stellar-based token designed to be extensively used within the Wirex app and on other cryptocurrency platforms.
Is WXT a stablecoin backed by Wirex?
No - it’s a utility token used to provide a range of benefits (discounts and enhanced rewards) to Wirex customers.
What are the benefits of purchasing WXT?
WXT has a number of material benefits. Customers will be able to unlock premium features and save on fees, and will also benefit from enhanced Cryptoback™. These include:
Discount on fees – active from pre-sale
500,000 WXT – 100% discount
100,000 WXT – 50% discount
50,000 WXT – 25% discount
- All exchange fees
- Bank transfer fees
- Withdrawal fees (crypto transfers)
- Top up via credit and debit card
- Monthly management fees (card)
- ATM fees
- Swift transfer fees
Other features being developed for 2019:
Premium Wirex Visa card
Bespoke merchant offers and discounts
Airport lounge access
Early access to new features
Why does Wirex hold 49% of WXT?
At least 49% of the entire supply of WXT will be retained by the Platform Reserve to protect the Wirex Token from speculative trading and to maintain flexibility during the early stages of the evolution of the system. Wirex will burn up to 25% of the platform reserve WXT to preserve the value of the tokens in circulation. You can read about token distribution in our WXT White Paper.
Where can I buy WXT?
Verified Wirex customers can buy WXT in the Wirex app. Wirex Tokens purchased during the pre-sale have a 6-month lock-up period. WXT can also be purchased on the OKEx, KuCoin and Huobi exchanges.
How much WXT can I buy?
The pre-sale and IEO have ended. You can now buy and use as much WXT as you want in-app, just like any other digital currency we support. Remember that WXT is based on the Stellar platform, so when transacting with it you will to need use a unique memo, Stellar address, or federation address.
Why do I have two balances for WXT?
Any Wirex Tokens acquired during the 24-30 June 2019 pre-sale period are locked for 6 months from the date of purchase. Tokens purchased after the pre-sale period (during the IEO, through the Wirex platform, or on exchanges) are available for immediate use. If you bought WXT both during the pre-sale and afterwards, your WXT account will display two separate balances: one for your locked tokens and one for tokens that you can use now.
Can I purchase WXT in the Wirex app using BTC, or is there a specific currency I need to use when purchasing WXT?
Verified customers can purchase WXT in the Wirex app with tradition currency currently available in the app.
Can I purchase WXT in the Wirex app with a bank transfer?
Verified customers can purchase WXT by transferring money into their Wirex account from their bank (or by using a linked bank card). To see how to find your account’s IBAN and transfer money from your bank directly to your Wirex account, please see our FAQs on topping up your Wirex account and where to find your currency account details.
What exchanges, platforms and wallets support WXT?
Wirex and the OKEx, KuCoin and Huobi exchanges currently support purchases and sales of WXT.
How can I purchase WXT if I am not verified?
If you are not a verified Wirex customer, you can purchase WXT on the OKEx, KuCoin and Huobi exchanges.
Why can't I send or exchange my WXT?
If you purchased WXT during the 24-30 June 2019 pre-sale will be locked up for 6 months from the date of purchase, meaning that you will not be able to send or exchange them until after the lock-up period ends.
To see how to exchange WXT to other currencies, watch the video here.
If I purchased WXT during the pre-sale, what happens to my WXT holdings after the IEO?
If you purchased WXT during the 24-30 June 2019 pre-sale, you will have two different WXT balances: one balance that shows locked tokens bought during the pre-sale, and a second balance that is tradable and active.
If I purchase WXT in the Wirex app, can I then deposit them onto exchanges?
If you purchased your WXT after the 23-30 June 2019 pre-sale, then you are able to deposit them onto the OKEx and KuCoin exchanges. If you bought your WXT during the 24-30 June 2019 pre-sale, you will need to wait 6 months from the date of purchase before you can use them.
What are the limits for WXT transactions?
The minimum purchase amount in the Wirex app is $1.00 via exchange or $25.00 via bank card.
The maximum amount you can exchange is $1000 of WXT per transaction, the top-up limit is $1500 per transaction. All purchases will be subject to Wirex standard fees and limits.
The FCA does not regulate the Wirex Token. Cryptocurrencies (such as Bitcoin) are referred to by the FCA as ‘exchange tokens’. According to the FCA, ‘exchange tokens, including the operation of exchange token exchanges, all currently fall outside our regulatory remit’.
WXT is an exchange token and is therefore not regulated by the FCA. For more information, see the FCA's Guidance.
No. WXT is a utility token and not a security token. The value of the WXT token is not linked to performance of Wirex and is subject to the market movements on the OKEx exchange. Therefore, buying WXT is not the same as buying stock, equity within Wirex.