Wirex (WXT) is a cryptocurrency and fiat payment platform that aims to address the issue of rising transaction costs in the cryptocurrency market. With the growing interest and value in cryptocurrencies, Wirex seeks to provide users with a reliable and convenient solution. It offers a platform where users can transact seamlessly with crypto and fiat currencies.
What is Wirex?
Wirex is a comprehensive assets platform that allows users to buy, sell, and spend both fiat currencies and cryptocurrencies cost-effectively. The platform's mobile application is user-friendly, making it easier for newcomers to enter the world of digital assets. Apart from facilitating asset purchases, Wirex allows users to earn rewards each time they spend a percentage of their holdings.
Wirex also provides a convenient card integration, enabling users to shop abroad with minimal transaction fees and earn cashback rewards. As a result, it has gained recognition as one of the top payment platforms available.
The Wirex team
The Wirex team comprises Dmitry Lazarichev, Georgy Sokolov, and Pavel Matveev, who designed and developed the platform. With over 250 employees, they are dedicated to ensuring low-cost, instant, and rewarding payment settlements for users. The executive team includes Ruslan Kolodyazhnyi as CTO, Dominique Simon as general counsel, Olena Kycha as head of human resources, and Mykyta Iliasov as project coordinator.
How does Wirex work?
Wirex is a payment platform that bridges the gap between traditional currencies and digital assets. Its main goal is to provide accessible, low-cost, and instant cross-border settlements, supporting over 3.5 million unique currencies across 130 countries. Wirex aims to bring banking services to even the most remote regions.
At the heart of Wirex is its versatile card offering, the first debit card that supports virtual and fiat currencies. With this card, users can spend multiple currencies in various countries, enjoying the best exchange rates at no additional cost. Moreover, the platform is free, with no monthly or annual fees.
As an added benefit, Wirex offers rewards to its cardholders. Users can earn cashback by spending a small percentage of any currency using the Wirex card.
WXT: Wirex's native token
WXT serves as the native token of the Wirex platform, operating on both the Stellar network and Ethereum blockchain. Holding WXT allows users to unlock higher reward rates, making it a vital project element. With WXT, users gain access to a suite of decentralized finance (DeFi) services, adding to its significance within the ecosystem.
Being available on both the Stellar and Ethereum networks enhances WXT's functionality, flexibility, and influence. This unique dual-chain feature enables WXT to bridge the gap between emerging DeFi protocols and traditional payment systems. Holders of WXT can also enjoy additional discounts on transaction fees, making it a valuable asset for users in the Wirex ecosystem.
WXT tokenomics
The total supply of WXT tokens is capped at 10 billion, and the circulating supply represents the tokens currently in circulation. WXT is the powering force behind the platform, providing holders access to new DeFi-related features. Additionally, the token offers various benefits, such as discounts, cashback on purchases across different countries, and the convenience of instant payments.
WXT use cases
WXT serves various essential functions within the Wirex platform. Firstly, it provides users with attractive discounts on transaction fees. Secondly, WXT acts as the lifeblood of the ecosystem, bestowing its holders with exclusive privileges and benefits.
Furthermore, as the native token, WXT grants users access to a wide array of DeFi features and products, allowing them to participate in the rapidly expanding decentralized finance space. Lastly, WXT plays a pivotal role in bridging the divide between traditional finance and the world of cryptocurrencies, facilitating seamless interactions between fiat and digital assets, and creating a unified and accessible financial experience for users.
WXT distribution
The allocation of WXT tokens is as follows:
- 49 percent for the platform reserve.
- 17 percent for the team.
- 14 percent for research & development (R&D).
- 11 percent for partnerships.
- 5 percent for seed and private rounds.
- 4 percent for public sale.
The WXT plan for the future
The team envisions a future for WXT that broadens its currency support and enhances its utility and functionality. Anticipated advancements include integrating new features and tools to elevate security and transparency standards. Furthermore, discussions are progressing, forging advanced partnerships with prominent merchants, aligning with the project's commitment to providing an encompassing platform for all trading-related endeavors. As Wirex consistently introduces and refines novel services, it is solidifying its position as a frontrunner in the DeFi landscape.
