Wirex is a ground-breaking UK-based company that was founded in 2014. They are FCA licensed and work to combine traditional currencies with cryptocurrency, providing services for both individuals and businesses alike. Wirex has 6 offices across the globe as well as nearly 2 million registered users globally.
In today’s article, I’m going to walk you through every piece of important information about the Wirex native token (WXT).
What is Wirex?
Wirex is a platform that allows you to easily convert cryptocurrencies into fiat currencies and spend it with ease. The company has been around for about 7 years, beginning in 2014. Wirex offers an innovative solution for those who want to manage their funds effectively and simultaneously benefit from the flexibility of cryptocurrencies while staying within the regulated banking sector.
Three main aspects that distinguish Wirex among the other cryptocurrency wallets available on the market:
- Security – plastic cards are provided for account verification, two-factor authentication is required for login and access to personal information, there is a convenient app-based mobile interface.
- Support of multiple cryptocurrencies – Wirex does not allow you to store bitcoins, but also offers a choice between many coins such as ethereum, litecoin, dash, dogecoin, zcash and a few others.
- Provision of services beyond a simple wallet – Wirex has its own debit card and an extensive list of fee-free ATMs around the world at which you can top up your balance and make transfers.
Wirex is one of the first companies to offer cryptocurrency cards, which are physical MasterCard payment cards that allow spending cryptocurrencies in a convenient way.
The working model of Wirex is quite complex including features such as fiat accounts, bitcoin wallets, and prepaid crypto cards. While these are useful features in general for cryptocurrency users, it can be confusing to understand how they all fit together. Overall, we can understand that Wirex is a digital payment platform for the growing token economy.
What is Wirex Token (WXT)?
Wirex Token (WXT) is a utility token based on the Stellar blockchain which will be issued by Wirex UK, a wholly-owned subsidiary of Wirex Gibraltar Limited.
The token is designed to benefit both Wirex’s B2C and B2B communities. It represents a universal fee and reward unit designed to help customers save on fees as well as provide them access to unique financial rewards for maintaining the required balances of WXT tokens.
Detailed information about WXT token
WXT Key Metrics
- Token Name: Wirex Token.
- Ticker: WXT.
- Blockchain: Stellar
- Contract: 0xa02120696c7B8fE16C09C749E4598819b2B0E915
- Token Type: Utility.
- Total Supply: 2,300,499,975 WXT.
- Circulating Supply: 10,000,000,000 WXT.
WXT Token Allocation
WXT Token Sale
WXT Token Release Schedule
WXT Token Use Case
WXT token is designed to benefit the growing B2C and B2B user communities and to help customers save on fees if they maintain the required balance of WXT tokens.
Discount on fees: Every user will be entitled to up to a 100% discount on Wirex fees (the percentage depends on the amount of WXT held by a customer), including:
- Exchange fees.
- Monthly management fees.
- Bank transfer fees.
- Top-up via credit or debit card.
- ATM fees.
- Token hosting fees.
- Blockchain transfer fees.
Collecting Rewards: Wirex Token (WXT) will be used as a universal reward token for the following Wirex reward programs:
- Cryptoback™ – from 0.5% to 1.5% on every in-store purchase paid in WXT.
- Merchant Offers – discount/cashback provided by merchant networks, paid in WXT.
- Travel Offers – up to 1% for eligible foreign transactions paid in WXT.
- Wirex Business Rewards – business incentives for using Wirex Stablecoins, paid in WXT.
How to buy WXT
You can use Coin98 Exchange to swap other tokens for WXT following these simple steps on: exchange.coin98.com
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search WXT.
- If the searches does not come up, you can paste the contract of WXT into the search box: 0xa02120696c7B8fE16C09C749E4598819b2B0E915.
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
Alternatively, you can apply the same steps for Coin98 Wallet to buy or swap …..
How to mine WXT
WXT is a utility token so it can not be mined.
How to store WXT
You can store the WXT token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search WXT Token.
Step 3: Click on the correct result.
Step 4: Copy the wallet address and send WXT to this address.
Roadmaps and Updates
In June 2021, 20% of WXT will be integrated into the Ethereum blockchain. This event will increase the functionality of WXT for users.
Team, Investors, and Partners
Wirex is a London-based company with founder Dmitry Lazarichev. Their team consists of 9 members including their CEO who has been in the industry for years and started WireX back in 2014 when he had an idea to offer current account services on bitcoin wallets.
Pavel Matveev | Co-founder, co-CEO: 15+ years in Software for Financial Services industries Previously an independent consultant to Barclays, Morgan Stanley, BNP Paribas and Credit Suisse
Dmitry Lazarichev | Co-founder, co-CEO: 20+ years in Financial Services Entrepreneur, MBA (Cass Business School). Previously Partner at Solid Finance House, Head of Valuation at Solid Investment Bank
Wirex has raised a total of $7.9M in funding over five rounds, with their latest round coming from Seed on December 10th, 2020.
Wirex partners include Dash, Stellar, and Mastercard among others which helps their future growth tremendously by gaining access to so many different cryptocurrencies.
Is WXT a good investment?
This is the question on everyone’s mind right now with Wirex Token (WXT). Most people agree that it can be a decent investment, but there are always those who remain skeptical about this kind of thing. Here are all of the things that might consider before investing in WXT:
- The fact that Wirex has been accepted by many authorities in the cryptocurrency world means that they have a huge potential to succeed and grow bigger than what most people expect.
- The team behind Wirex WXT are all experts in their respective fields, with a lot of experience in the cryptocurrency world.
- Right now, Wirex’s main solution is to provide payment products and they’re doing pretty well with that. However, with the growing crypto market in its current form, will Wirex launch a separate blockchain product in the near future?
- 20% Supply of WXT has been integrated into the Ethereum blockchain. This could extend WXT’s usability across users rather than per Stellar as before.
I hope you have gained all of the important information about WXT including its features and highlights throughout this topic.
If you have any questions about WXT or want to know more about WXT, please feel free to leave a comment below for further discussions about Crypto.
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