UK-based Wirex, a crypto and payments ecosystem, has expanded the Wirex Credit programme to new regions. Its crypto-back credit lines are now available to UK, also adding WXT as a token.
Launched in July 2022 on the Wirex app, Wirex Credit has become an option for users wanting to borrow crypto-backed credit lines of up to USD 100.000. Wirex Credit is currently available to users in Europe and Asia and with today’s announcement, for UK customers as well.
The product was launched to give their 5 million users access to the benefits of DeFi and offers flexibility and control. Customers can borrow stablecoins starting at 0% interest, no origination or set-up fee, the ability to take out up to 5 credit lines at once, with no credit or affordability checks required.
With the new launch, customers can use BTC, ETH and now WXT as collateral, and receive NXUSD, USDC, USDT and DAI as credit. Users repay when they want and only pay interest for the days the credit line is live. This newfound liquidity can then be spent in real-life with the Wirex debit card at 80+ million locations worldwide, online or in-store.
The company wants to continue to develop the product to offer more choice of tokens to be used as collateral to open a credit line. Their largest customer base is in the UK, and this is the main reason why the company decided to expand the Wirex Credit there.
In the coming weeks, Wirex will continue to expand the Wirex Credit offering, including the release of more tokens as options for collateral, and cross-collateral borrowing allowing users to combine different assets in their portfolio for a loan.
In June Wirex launched a Mastercard debit card and new features in the UK. The debit card allows holders to spend a variety of currencies at Mastercard locations worldwide. Additionally, UK users have access to increased daily top-up and spending limits, exclusive OTC exchange rates, and zero fees on FX and transfers to contacts. In creating this service, the company worked closely with the Financial Conduct Authority, to ensure compliance and to work towards financial inclusion.
Earlier in June Wirex also launched a non-custodial wallet more accessible to APAC users after also releasing a new payment method. To make it easier for clients in that area to access their funds, the company added instant bank transfers and local payment systems for users from Indonesia and Malaysia. To cater to its worldwide audience, Wirex also released a series of local payment methods available to its customers from India and Portugal.
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