Wirex, a UK-headquartered payments firm with over 4.5 million global customers, has announced a new whitepaper which will position the company for exponential growth. As the metaverse gains global traction, the whitepaper solidifies Wirex’s commitment to bridging fiat and digital currency universes, revealing several fintech and DeFi innovations alongside an overhaul of its native token, WXT. Alongside the whitepaper, Wirex has confirmed it will invest 5 billion WXT via a partnership with nascent DeFi protocol, Nereus.
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Long associated with innovations within the crypto sphere, Wirex lays claim to several ground-breaking achievements since its inception in 2015. Having developed the first crypto-enabled debit card, the company also created the world’s first crypto rewards programme, Cryptoback™ rewards. Most recently, they became the first crypto-friendly business to be awarded Mastercard Principal Membership for their card issuing programmes. The latest whitepaper announcement maintains Wirex’s vanguard-of-innovation company philosophy.
Metaverse-Ready – Wirex Whitepaper
The new Wirex whitepaper brings an updated vision for Wirex’s WXT token, placing it at the centre of a raft of new innovations for both fintech and DeFi users. Co-Founder and CEO Pavel Matveev commented; “The growth of the metaverse will lead to seismic change where Wirex sees two trends evolving from it; convergence and inclusion. Financial products that can operate seamlessly across digital and fiat currencies will be the norm, and over 1 billion people worldwide will finally be included within this ecosystem. Wirex will be at the forefront of metaverse innovation by widening our product offering, removing barriers between fiat and crypto rails, and offering new financial products with our native token, WXT, at its core.”
Matveev cited three major innovations from Wirex within the whitepaper: an updated role for WXT in-app thanks to the ‘X-tras 2.0’ reward programme; the global launch of a non-custodial Wirex Wallet; and wider use cases for WXT across the Wirex ecosystem.
‘X-tras 2.0’ upgrades Wirex’s existing reward offering, bringing the best of DeFi to a CeFi audience. HODLing will be incentivised, with users who hold more WXT receiving up to 16% savings ‘HODLing’ bonuses and up to 8% Cryptoback™ rewards. The newly launched Wirex Wallet – a non-custodial multi-chain wallet – will be available globally, sitting alongside the existing Wirex app. “These changes reflect the aggressive growth for hybrid financial products. The metaverse will see more users demanding safe and secure lending, borrowing and staking options, all of which will be available within the Wirex ecosystem for digital and fiat currencies,” added Matveev.
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Major Investment in DeFi – 5 billion WXT Committed by Wirex
The company has also announced a major 5 billion WXT investment in a new DeFi protocol, Nereus. The investment represents 50% of total WXT supply and will be used to establish the independent protocol on the Avalanche network, where WXT will be used as a liquidity and reward token within the protocol.
Created by a team that includes former Wirex employees, the protocol aims to offer improved governance to DeFi users as well as high quality staking, locking and borrowing options. Referencing the over-representation of VC’s and ‘whales’ in making protocol decisions, the Nereus roadmap includes governance plans which would give a greater voice to all participants, not only those with the largest stake.
“The Nereus protocol investment positively complements Wirex’s global vision. We’re on a mission to make all currencies equal, and to widen participation in digital adoption. The Nereus team has our full support in building an independent DeFi protocol, where as many people as possible can participate in making governance decisions and benefit from its lending and borrowing features. Nereus’ decision to use WXT offers great benefits to both parties. For WXT holders, it represents another use case and benefit of the currency; for Nereus users, they will have access to a liquid currency already available on exchanges, held by millions of people. The new non-custodial Wirex Wallet will make participation within the protocol even easier for Wirex customers,” confirmed Matveev.
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