Wirex Launch Own Cryptocurrency

Wirex Launch Own Cryptocurrency

Fiat and crypto payment platform Wirex have announced they are launching their own Stellar-based digital token with the ticker symbol WXT. The token is designed for the platform users to save on transaction fees, access bespoke merchants offers and earn extra Cryptoback™ – similar to traditional fiat cashback promotions but with cryptocurrency.

The main launch of WXT will take place through an Initial Exchange Offering (IEO) via OKEx’s OK Jumpstart programme on 26th June, however a pre-sale, only for verified Wirex users, will commence on 13th June. Any tokens purchased during the pre-sale will be subject to a lock-up period of 6 months.

Adoption of a Token Economy

Tokens are expected to be priced at $0.01 each and participants must purchase at least $25 worth of WXT and up to a maximum of $100,000.

According to a report by Finance Magnates, raising funds is not the priority for Wirex which explains why they are “…only putting 1% of the total supply [of WXT tokens] up for sale during the IEO” and that “Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.”  

This corresponds with a blog post from earlier this year, where Wirex CEO Pavel Matveev outlined his vision for Wirex and stressed that his company is not simply about creating “better banking” but to work “…on a solution for the token economy” which he firmly believes will emerge from the tokenisation of all major assets – such as currencies, commodities, shares and real estate – in the near future.

Based in London, Wirex are holders of an e-money licence granted by the UK Financial Conduct Authority (FCA). Their mobile App, available from both the App Store and Google Play, currently allows for the transfer and exchange of 18 traditional and digital currencies.