LONDON, Oct. 17, 2023 /PRNewswire/ — Wirex, a leading crypto payments platform, is thrilled to introduce the Wirex Dual-Mode Card, a cutting-edge solution that seamlessly merges the reliability of traditional financial systems with the transformative potential of decentralised finance (DeFi).
The Wirex Dual-Mode Card offers users flexibility and control over their financial assets, providing two distinct modes to cater to diverse preferences.
In Debit Mode, the card operates like a traditional debit card, supporting transactions in both fiat currencies and stablecoins. This mode is ideal for users who prefer the stability of fiat or stablecoin spending, minimising volatility and ensuring predictable value.
Switching to Credit Mode, the Wirex Dual-Mode Card utilises crypto holdings as collateral through a Collateral Debt Position (CDP). Tailored for crypto enthusiasts, this mode leverages DeFi protocols for decentralised lending and borrowing, allowing users to preserve the appreciation of their assets.
Pavel Matveev, CEO & Co-Founder of Wirex, said: “Wirex is proud to present the Dual-Mode Card, a catalyst for change in the financial landscape. It seamlessly integrates traditional and DeFi elements, giving users unparalleled control and flexibility – a true evolution in financial services.”
Enjoy the following advantages with the Wirex Dual-Mode Card:
- Flexibility: Users can effortlessly toggle between Debit and Credit modes, tailoring their spending experience in real-time based on their preferences and market conditions.
- Tax Efficiency: The Credit mode ensures that users can leverage their crypto assets for spending without triggering a taxable event, a significant advantage in many jurisdictions.
- DeFi Integration: By utilising DeFi to source liquidity in the Credit mode, Wirex ensures faster, more efficient, and transparent financial operations, removing the traditional banking system’s inefficiencies and bottlenecks.
- Asset Preservation: Users retain the potential upside of their crypto holdings, as these assets are not sold but used as collateral.
Taking innovation further, the Wirex Dual-Mode Card integrates with the Account Abstraction (AA) balance on the Wirex App Chain, providing exceptional benefits:
- Direct Control: By linking the card to the AA balance, Wirex ensures that users have direct control over their funds. This eliminates the need for intermediaries, ensuring transactions are swift, transparent, and efficient.
- Elimination of Third-Party Risk: Traditional financial systems often involve multiple intermediaries, each introducing potential points of failure or risk. By connecting the Dual-Mode Card directly to the AA balance, Wirex removes any third-party risk, ensuring that users’ funds are secure and under their complete control.
- Empowerment of Account Owners: Whether you’re an individual user or an enterprise, the connection to the AA balance empowers you with full autonomy over your funds. This means you can manage, spend, and secure your assets with the confidence that you’re in the driver’s seat.
- Seamless Integration with DeFi: The connection to the AA balance further enhances the card’s DeFi capabilities. Users can leverage the vast potential of decentralised finance, enjoying benefits like yield farming, liquidity mining, and more, all while maintaining direct control over their assets.
Stay tuned for more announcements regarding the availability of the Wirex Dual-Mode Card and experience a new era of financial freedom.
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world’s first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.
With over 6 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 80 million locations around the world using the Wirex card.
Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex launched their own native utility token, WXT, and introduced the world’s first crypto reward programme, Cryptoback™, which earns cardholders up to 8% back in WXT for every transaction they make.
To reflect the growth of Web3, from 2021, the company has expanded their product to enable mainstream access to DeFi and wealth management. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.
Wirex is based in London, with offices in Singapore, Kyiv, Lviv, Sydney, Zagreb, and Atlanta. With over $20bn worth of transactions processed already and rapid expansion into new territories, including the US and Australia, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.
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