Digital payments platform, Wirex, has announced the migration of a fifth of their popular native token, the Wirex Token (WXT), from the Stellar Network to the Ethereum blockchain. Following the successful launch of WXT two years ago, Wirex will move 20% of the total supply to allow greater access to the benefits of decentralised finance (DeFi) for Wirex users and beyond.
The London-based company has been on a mission to bring decentralised digital currency to the masses since its launch in 2014. Innovation has been at the core of their growth, developing an industry-leading platform that empowers their 3.5 million customers to have easy access to crypto in everyday life. They’ve already made headlines for becoming the first company in the world to develop a crypto-enabled debit card, the first crypto rewards programme, Cryptoback™, and by becoming the first crypto-friendly company to achieve principal membership of Mastercard.
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As the crypto space evolves and the use of decentralised apps (Dapps) explodes, today’s development endeavours to bring the benefits of DeFi to a mainstream audience. WXT will become a unique multi-blockchain cryptocurrency, as the company migrates 20% of its total supply (2 billion WXT) from the Stellar Network to the Ethereum blockchain. The move will present a huge range of benefits to holders of WXT, including increased power, efficiency and flexibility, whilst giving more people access to DeFi with the ability to utilise WXT on a multitude of Dapps.
Pavel Matveev, the CEO and Co-Founder of Wirex, commented on this landmark moment:
“Wirex without innovation isn’t an option. We’ve always believed in the potential for DeFi to change the way people think about and use money, and making WXT available on the most popular and powerful blockchain for DeFi applications is a no-brainer. At Wirex, our role is to make DeFi tangible, safe and accessible for our customers to use in real life. Listing a percentage of our WXT token on the Ethereum network will allow additional innovations for our customers.”
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Wirex successfully launched WXT on the Stellar network in June 2019. As the go-to network for super-powered cross-border payments, the partnership helped Wirex to bring low-cost, near-instant payments to the mainstream. With blockchain technology having much broader applications than just payments, the decision was made to widen access to DeFi and allow customers to get more out of the Wirex platform. Matveev adds:
“As a crypto-friendly business, we don’t advocate any one platform or currency, rather the ability to choose the best financial products that match the needs of our customers.”
The announcement is just part of Wirex’s wider commitment to the DeFi movement and mass adoption of crypto. The company has plans to launch other DeFi features through 2021, including the addition of new DeFi coins on the platform, as well as the launch of X-Accounts which will enable passive income from crypto on pots of money set aside in-app.
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