About the IEO
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.
About WXT
Is WXT a cryptocurrency?
Yes - it’s a utility token.
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 benefits come with WXT?
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Up to 8% Cryptoback™ in-store and online in WXT.
- Up to 16% Savings Bonus on WXT account balance depending on the subscription plan.
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.
Buying, exchanging and holding WXT
By exchanging crypto or fiat currency to WXT:
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Log in to your Wirex account and click Exchange on the left-hand side. If you are using a mobile version, tap the Exchange icon on the dashboard.
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On the Exchange screen, select the source account (crypto or a traditional currency account).
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In the To field, select the target WXT account.
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Enter the sum you wish to exchange in crypto or traditional currency. Click Use maximum amount (Max in mobile) to calculate the maximum sum available for exchange.
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Click Exchange, review your transaction details and click Confirm.
Using your linked card:
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Log in to your Wirex account and click Add on the left-hand side. If you are using the app, tap the Add icon on the dashboard.
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On the Add Funds screen in the ‘From Linked Card’ section, click the card you would like to use.
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Enter the amount you would like to purchase. This is shown in the base currency of the card.
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Confirm your transaction.
Where can I buy WXT?
Verified Wirex customers can buy WXT in the Wirex app.
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 traditional currency currently available in the app.
Can I purchase WXT in the Wirex app with a bank card?
Verified customers can purchase WXT by transferring money into their Wirex account by using a linked bank card. Please see our FAQ on topping up your Wirex account.
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.
To see how to exchange WXT to other currencies, watch the video here.
Limits
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 $20 000 of WXT per transaction, the top-up limit is $25 000 per transaction. All purchases will be subject to Wirex standard fees and limits.
Does the FCA regulate the Wirex Token?
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.
