Wirex: The Pioneer of Web3 Payments

Historically, cryptocurrency has evolved as an alternative payment system that does not involve the use of fiat money, making payments more efficient and convenient. However, with the development of blockchain technology, we have come to a slightly different concept of crypto payment systems. One of the pioneers of web3 payments is Wirex, which we will look at in detail in this article.
Wirex: The Pioneer of Web3 Payments

Wirex is a digital payment platform and cryptocurrency wallet that offers a range of services including the ability to buy, store, and exchange both traditional fiat currencies and cryptocurrencies like Bitcoin, Ethereum,Solana and many others. It provides users with a multi-currency wallet that supports both fiat and crypto, as well as a Visa/Mastercard debit card that allows users to spend their crypto at 80M merchants in more than 200 countries.

Wirex aims to bridge the gap between traditional banking systems and the world of cryptocurrencies, allowing users to seamlessly transition between the two. The platform also offers features like mobile banking, international money transfers, and the ability to earn rewards in cryptocurrency for using the Wirex Visa card.

Wirex’s Key Features

Launched in 2014, the company’s initial mission was to provide a bridge between traditional financial systems and the world of cryptocurrencies, making it easier for people to manage and use both fiat and digital currencies in their everyday lives. 

The first feature of Wirex was a multi-currency digital wallet that allowed users to store and manage both fiat currencies. The wallet provided users with the ability to quickly and securely exchange between different currencies. It is a custodial wallet that doubles as a spot crypto exchange. 

Another key offering is the Visa debit card. This card allows users to spend their cryptocurrency at any merchant that accepts Visa payments, effectively allowing them to use their digital assets for everyday transactions. Wirex’s Visa card has been instrumental in bringing cryptocurrency into the mainstream by providing users with a convenient way to access and spend their funds.

Wirex has also recently launched WPay, a decentralized payment network. WPay is a next-generation web3 payment solution that enables individuals to use digital assets for everyday transactions and services, utilizing self-custody and other enhancements. 

In addition to its consumer-focused products, Wirex also offers solutions for businesses, including cryptocurrency payment processing and white-label solutions for companies looking to offer cryptocurrency services to their customers.

Fundraising Information

Since its inception almost 10 years ago, the company has successfully closed several rounds of funding, including token sales and private investments from VC. The total amount raised is over $29 million, of which only $7 million was raised through public sales.

It’s worth noting that Wirex, which had an Initial Exchange Offering (IEO) on OKX Jumpstart in 2019, currently trading with a 45% ROI and an ATH ROI of nearly 670%, also received investment from SBI Group, a major corporate venture capital firm based in Japan, known for its investments in companies like Ripple and eToro.

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Read More: Top 10 Best Solana DEX Ranking in 2024

Wirex’s native token WXT, stands as a cornerstone of the platform. It’s a distinctive multi-blockchain cryptocurrency designed to grant users access to a variety of crypto rewards and decentralized finance ecosystems. A key advantage of WXT ownership is entry into the X-tras program, the forefront of rewards programs globally, which offers benefits from Cryptoback™ rewards to Savings Bonuses, all paid out in WXT.

Rewards at a Glance

Cryptoback™ Rewards

Cryptoback™ lies at the core of Wirex’s innovative rewards scheme, converting every purchase via the Wirex card into an opportunity to accumulate WXT. The mechanism is straightforward: the more you spend, the more WXT you earn – up to 8%.

Savings APR

The Wirex X-tras program extends beyond transaction rewards to celebrate your savings commitment. Holding WXT entitles you to a monthly Savings Bonus, enhancing your holdings with an APR of up to 16%.

Interest Boost in X-Accounts

Wirex X-Accounts allow earning interest on various cryptocurrencies, stablecoins, and traditional currencies, with daily interest calculation and weekly payouts. Possessing WXT can amplify your Stablecoin yields to up to 16% and Bitcoin APR to 8%.

Plans and Boosts

The Wirex X-tras program is meticulously crafted to offer three unique plans, each with its set of benefits including higher Cryptoback™ rewards and boosted interest rates on X-Accounts. By holding WXT tokens, users can enhance their experience and rewards, ascending through Boost Tiers for exclusive advantages. As users progress through each tier, the rewards become increasingly attractive, making every transaction and saving endeavor more rewarding and tailored to individual financial goals. More information can be found here.

WXT Performance

The Wirex token entered the market in 2019 after the token sale on OKX and is now entering its second cycle. During the first cycle in 2021-2022 it showed quite decent performance.

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During this cycle, Wirex Token has shown decent performance, growing over 110% in one year. While this may not seem like a significant increase compared to bitcoin, memecoins or trendy projects, WXT still has some room to grow. It’s worth noting that the altcoin season hasn’t really started yet, and payments aren’t one of the key narratives in this cycle. However, with further mainstream adoption of crypto, it could be one of the strongest payment solution providers in the space. 

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Currently WXT is trading around $17M market cap at $75.6M valuation. The ROI since the OKX token sale is around 50% and the token is up 205% from its all-time low. However, it is trading 80% below the ATH set during the 2021 bull run. Over the past 6 months WXT price gained over 57% amid launch of new products (such as WPay) and optimistic market sentiment.

image 23

Another strong side of WXT is that the token is listed on Tier 1 exchanges: HTX, Gate.io, OKX.

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WPay, the latest development from Wirex, is set to become the next generation web3 payment solution. The non-custodial use of digital assets is growing rapidly around the world and could soon become a credible competitor to TradFi payment services and banks.

WPay is a non-custodial payment system that uses Wirex’s payment proxy and can be used by individuals and businesses as easily as a bank card. It provides an IBAN number and can be added to Google Pay or Apple Pay for convenient use. Most importantly, it is based on the Ethereum wallet and uses account abstraction for spending wallet.

Among the minor features of WPay is that its users keep access to the DeFi ecosystem, including lending and borrowing, so they are able to maximize the efficiency of their funds. It’s all possible through seamless integration of users’ External Owned Account Wallets and Spending Smart Wallets (AA Wallets).

Read More: Backpack Review: What Makes Solana’s First CEX Project Stand Out?

Wirex has outlined the strategic development goals in its roadmap. Visit the roadmap page for more insights.

WPay

While we have covered what WPay is and why it is important, it is worth noting that as the launch of WPay approaches, the rising price of WXT reflects the market’s growing anticipation and underscores the potential importance of the launch.

CryptoCredit Bridge

The Wirex CryptoCredit Bridge offers users a unique opportunity: the ability to obtain fiat currency loans while leveraging blockchain technology. While borrowing digital currencies with crypto assets as collateral is common in decentralized lending, acquiring traditional money introduces additional complexity. This is where Wirex steps in to simplify the process.

Dual Mode Wirex Card

Wirex is set to introduce a card that combines the best of TradFi and the revolutionary aspects of decentralization. The goal is to ensure users have seamless convenience, regardless of the financial realm they operate in.

New Membership Models

Wirex has revamped its membership model to create a space that offers exclusive benefits tailored for our dedicated users.

Aside from these major updates and developments, Wirex will be introducing new tokenomics for WXT and transferable loyalty. Stay tuned for more updates!

Read More: Best Bitcoin Mining Hardwares In 2024 (Expert Reviewed)

While payment solutions aren’t part of this year’s narratives list (yet), there’s been a lot of progress in this niche. As payment solutions are one of the most demanded things, the market of web3 payments will continue to develop and grow. Wirex, one of the pioneers of web3 payments, has positioned itself strongly for the current market with new features including non-custodial cards using account abstraction and its WXT token at the core of the ecosystem. 

Wirex: The Pioneer of Web3 Payments

Historically, cryptocurrency has evolved as an alternative payment system that does not involve the use of fiat money, making payments more efficient and convenient. However, with the development of blockchain technology, we have come to a slightly different concept of crypto payment systems. One of the pioneers of web3 payments is Wirex, which we will look at in detail in this article.
Wirex: The Pioneer of Web3 Payments

Wirex is a digital payment platform and cryptocurrency wallet that offers a range of services including the ability to buy, store, and exchange both traditional fiat currencies and cryptocurrencies like Bitcoin, Ethereum,Solana and many others. It provides users with a multi-currency wallet that supports both fiat and crypto, as well as a Visa/Mastercard debit card that allows users to spend their crypto at 80M merchants in more than 200 countries.

Wirex aims to bridge the gap between traditional banking systems and the world of cryptocurrencies, allowing users to seamlessly transition between the two. The platform also offers features like mobile banking, international money transfers, and the ability to earn rewards in cryptocurrency for using the Wirex Visa card.

Wirex’s Key Features

Launched in 2014, the company’s initial mission was to provide a bridge between traditional financial systems and the world of cryptocurrencies, making it easier for people to manage and use both fiat and digital currencies in their everyday lives. 

The first feature of Wirex was a multi-currency digital wallet that allowed users to store and manage both fiat currencies. The wallet provided users with the ability to quickly and securely exchange between different currencies. It is a custodial wallet that doubles as a spot crypto exchange. 

Another key offering is the Visa debit card. This card allows users to spend their cryptocurrency at any merchant that accepts Visa payments, effectively allowing them to use their digital assets for everyday transactions. Wirex’s Visa card has been instrumental in bringing cryptocurrency into the mainstream by providing users with a convenient way to access and spend their funds.

Wirex has also recently launched WPay, a decentralized payment network. WPay is a next-generation web3 payment solution that enables individuals to use digital assets for everyday transactions and services, utilizing self-custody and other enhancements. 

In addition to its consumer-focused products, Wirex also offers solutions for businesses, including cryptocurrency payment processing and white-label solutions for companies looking to offer cryptocurrency services to their customers.

Fundraising Information

Since its inception almost 10 years ago, the company has successfully closed several rounds of funding, including token sales and private investments from VC. The total amount raised is over $29 million, of which only $7 million was raised through public sales.

It’s worth noting that Wirex, which had an Initial Exchange Offering (IEO) on OKX Jumpstart in 2019, currently trading with a 45% ROI and an ATH ROI of nearly 670%, also received investment from SBI Group, a major corporate venture capital firm based in Japan, known for its investments in companies like Ripple and eToro.

b HBK4rJ3us4m5Q4LxtQhJ5tjL6B7Sq2DKX1DR1wejk8KBTwbR4zRx6BAGfw5DjIuvOOQmXgFDqPTKPHD JwCIaucVoNLDi BTH4IiTmg4Jr15KhsXPDloCdkgnwgl7jlFIq5bzPXTLUWaBAbYvuSFQ

Read More: Top 10 Best Solana DEX Ranking in 2024

Wirex’s native token WXT, stands as a cornerstone of the platform. It’s a distinctive multi-blockchain cryptocurrency designed to grant users access to a variety of crypto rewards and decentralized finance ecosystems. A key advantage of WXT ownership is entry into the X-tras program, the forefront of rewards programs globally, which offers benefits from Cryptoback™ rewards to Savings Bonuses, all paid out in WXT.

Rewards at a Glance

Cryptoback™ Rewards

Cryptoback™ lies at the core of Wirex’s innovative rewards scheme, converting every purchase via the Wirex card into an opportunity to accumulate WXT. The mechanism is straightforward: the more you spend, the more WXT you earn – up to 8%.

Savings APR

The Wirex X-tras program extends beyond transaction rewards to celebrate your savings commitment. Holding WXT entitles you to a monthly Savings Bonus, enhancing your holdings with an APR of up to 16%.

Interest Boost in X-Accounts

Wirex X-Accounts allow earning interest on various cryptocurrencies, stablecoins, and traditional currencies, with daily interest calculation and weekly payouts. Possessing WXT can amplify your Stablecoin yields to up to 16% and Bitcoin APR to 8%.

Plans and Boosts

The Wirex X-tras program is meticulously crafted to offer three unique plans, each with its set of benefits including higher Cryptoback™ rewards and boosted interest rates on X-Accounts. By holding WXT tokens, users can enhance their experience and rewards, ascending through Boost Tiers for exclusive advantages. As users progress through each tier, the rewards become increasingly attractive, making every transaction and saving endeavor more rewarding and tailored to individual financial goals. More information can be found here.

WXT Performance

The Wirex token entered the market in 2019 after the token sale on OKX and is now entering its second cycle. During the first cycle in 2021-2022 it showed quite decent performance.

NCi hCcBPsEPvDpfA2PVI606QQV1TXXUXAVOZ5FFMA9JYxazNqxNIHPgTR aAqHySUvYPpC0n5NE0wJCL21ttL59LhB6M44i150ErSi2DfTeSDxsJx2pkK

During this cycle, Wirex Token has shown decent performance, growing over 110% in one year. While this may not seem like a significant increase compared to bitcoin, memecoins or trendy projects, WXT still has some room to grow. It’s worth noting that the altcoin season hasn’t really started yet, and payments aren’t one of the key narratives in this cycle. However, with further mainstream adoption of crypto, it could be one of the strongest payment solution providers in the space. 

p78igjE2FBb0qjlZGM9 jW6o2L0sYUfJkMGa18Hmf2Bs9PuIlrpF3XKlVtV9YDmHdGtsgoUYBp3PnH0Wozc1T6bpOH5Tdjy5VL5Fmt5GR1K

Currently WXT is trading around $17M market cap at $75.6M valuation. The ROI since the OKX token sale is around 50% and the token is up 205% from its all-time low. However, it is trading 80% below the ATH set during the 2021 bull run. Over the past 6 months WXT price gained over 57% amid launch of new products (such as WPay) and optimistic market sentiment.

image 23

Another strong side of WXT is that the token is listed on Tier 1 exchanges: HTX, Gate.io, OKX.

pBG091AWkPVoe ayKnpP06NR5qrO4B EDD7Blu jKwNiqPh hEs1i6DArRgPRfVAhBUO1hohradpIGjdupSNpe16z9fAD8ONj3RCGbhmK0pWjmoJnZjX5jLs8jv2B0udJXArChOW00bhTcNmGyDwNJs

WPay, the latest development from Wirex, is set to become the next generation web3 payment solution. The non-custodial use of digital assets is growing rapidly around the world and could soon become a credible competitor to TradFi payment services and banks.

WPay is a non-custodial payment system that uses Wirex’s payment proxy and can be used by individuals and businesses as easily as a bank card. It provides an IBAN number and can be added to Google Pay or Apple Pay for convenient use. Most importantly, it is based on the Ethereum wallet and uses account abstraction for spending wallet.

Among the minor features of WPay is that its users keep access to the DeFi ecosystem, including lending and borrowing, so they are able to maximize the efficiency of their funds. It’s all possible through seamless integration of users’ External Owned Account Wallets and Spending Smart Wallets (AA Wallets).

Read More: Backpack Review: What Makes Solana’s First CEX Project Stand Out?

Wirex has outlined the strategic development goals in its roadmap. Visit the roadmap page for more insights.

WPay

While we have covered what WPay is and why it is important, it is worth noting that as the launch of WPay approaches, the rising price of WXT reflects the market’s growing anticipation and underscores the potential importance of the launch.

CryptoCredit Bridge

The Wirex CryptoCredit Bridge offers users a unique opportunity: the ability to obtain fiat currency loans while leveraging blockchain technology. While borrowing digital currencies with crypto assets as collateral is common in decentralized lending, acquiring traditional money introduces additional complexity. This is where Wirex steps in to simplify the process.

Dual Mode Wirex Card

Wirex is set to introduce a card that combines the best of TradFi and the revolutionary aspects of decentralization. The goal is to ensure users have seamless convenience, regardless of the financial realm they operate in.

New Membership Models

Wirex has revamped its membership model to create a space that offers exclusive benefits tailored for our dedicated users.

Aside from these major updates and developments, Wirex will be introducing new tokenomics for WXT and transferable loyalty. Stay tuned for more updates!

Read More: Best Bitcoin Mining Hardwares In 2024 (Expert Reviewed)

While payment solutions aren’t part of this year’s narratives list (yet), there’s been a lot of progress in this niche. As payment solutions are one of the most demanded things, the market of web3 payments will continue to develop and grow. Wirex, one of the pioneers of web3 payments, has positioned itself strongly for the current market with new features including non-custodial cards using account abstraction and its WXT token at the core of the ecosystem. 

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