Wirex Launches Crypto-Backed Credit
Wirex, the leading payments platform, has launched Wirex Credit, offering highly competitive interest rates and no origination fee for crypto-backed loans. Users can easily borrow up to $100,000 in stablecoins, with a loan to value (LTV) of up to 80% within the Wirex app. Crypto loans have become hugely popular in recent months due to their advantages over traditional loans. Wirex’s core aim is to bring the benefits of DeFi to the mass market, and Wirex Credit adds new use cases for crypto to their 5 million customers.
The product enables users to gain access to credit regardless of market conditions, whether that earning funds from investing into DeFi protocols or purchasing a getaway using the Wirex card. As the first company in the world to develop a crypto-enabled card, it’s linked up to the award-winning Wirex app, meaning credit can be spent at over 80 million locations globally, in-store or online, wherever Visa or Mastercard is accepted.
Wirex Credit is set to shake up the competitive landscape, offering a near-instant loan of up to $100,000 issued in USDC, USDT and NXUSD, with a LTV of up to 80% within the Wirex app. There will be no origination fee, set up fee, or requirement for credit and affordability checks, and users can borrow up to 5 lines of credit at once. Wirex offers complete flexibility; customers can pay back at any time and are only required to pay interest for the days that the credit line is live, where credit health can easily be checked in-app.
Wirex Credit adds to the London-based company’s arsenal of DeFi to CeFi products in their ecosystem. At the end of 2021, they released the world’s first mass market non-custodial wallet, whose unique biometric access system, next-generation user experience and cross-chain compatibility with zero exchange fees has proven hugely popular with fintech fans and core crypto users. Users can easily move their loans from the Wirex app to the Wirex Wallet, allowing them to earn crypto from staking and locking after connecting it to DeFi protocols such as Nereus Finance. Wirex recently invested 5 billion of their native token, WXT into Nereus for its rewards mechanism, where Nereus has since become one of the fastest growing DeFi platforms ever.
Pavel Matveev, CEO and Co-Founder of Wirex, commented, “This is a landmark point in Wirex offering more ways for everyday users to utilise crypto, and we’ve made it as convenient and straightforward as possible for our customers to take a crypto-backed loan. Wirex’s vast ecosystem of products means there are huge opportunities for using Wirex Credit, from HODLing to debit card purchases, or using the Wirex Wallet to earn in DeFi protocols.”
In the coming months, the company plans to expand the tokens that credit are offered on and the regional availability.