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.
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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