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Wirex introduces the Wirex Dual-Mode card

Wednesday 18 October 2023 10:32 CET | News

UK-based digital payment platform Wirex has introduced the Wirex Dual-Mode Card that combines elements from traditional finance and DeFi.

 

The Wirex Dual-Mode Card provides users with the ability to manage their financial assets effectively, featuring two distinct modes designed to cater to different preferences. 

In Credit Mode, the Wirex Dual-Mode Card utilises cryptocurrency holdings as collateral through a Collateral Debt Position (CDP). Designed for crypto enthusiasts, this mode leverages DeFi protocols for decentralised lending and borrowing, allowing users to maintain the appreciation of their assets. 

In Debit Mode, the card functions like a conventional debit card, facilitating transactions in both fiat currencies and stablecoins. This mode is suitable for users who prefer the stability of fiat or stablecoin spending, minimising volatility and supporting predictable value. 

In the company press release, officials from Wirex talked about the introduction of this new card and highlighted its potential to alter the financial landscape. They also pointed out its ability to seamlessly integrate traditional and DeFi elements, providing users with control and flexibility.

 

UK-based digital payment platform Wirex has introduced the Wirex Dual-Mode Card that combines elements from traditional finance and DeFi.

 

The highlights of the Wirex Dual-Mode Card

  • Flexibility: users can easily switch between Debit and Credit modes, customising their spending experience in real-time based on their preferences and market conditions.
  • Tax Efficiency: the Credit mode ensures that users can utilise their crypto assets for spending without triggering a taxable event.
  • DeFi Integration: by employing DeFi for liquidity in the Credit mode, Wirex offers efficient and transparent financial operations, eliminating the inefficiencies and bottlenecks of the traditional banking system.
  • Asset Preservation: users retain the potential upside of their crypto holdings, as these assets are used as collateral, not sold.

The Wirex Dual-Mode Card integrates with the Account Abstraction (AA) balance on the Wirex App Chain, offering facilities such as direct control, the elimination of third-party risk, and a seamless integration with DeFi. 

By linking the card to the AA balance, users have direct control over their funds, eliminating the need for intermediaries. By mitigating third-party risks, Wirex strives to offer security and control. Whether an individual user or an enterprise, the connection to the AA balance provides autonomy over funds. The connection to the AA balance also improves the card's DeFi capabilities, allowing users to tap into the potential of decentralised finance while retaining direct control over their assets.

In September 2023, Wirex has partnered with Onramper, a fiat-to-crypto onramp aggregator, to offer access to cryptocurrencies in over 190 countries through 120+ payment methods. The collaboration aims to enhance Wirex user accessibility to crypto including Bitcoin (BTC), Ether (ETH), and stablecoins through a seamless and convenient integration within Wirex Wallet.


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Keywords: product launch, credit card, DeFi, debit card, digital payments
Categories: DeFi & Crypto & Web3
Companies: Wirex
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3

Wirex

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