Payments platform Wirex has announced the launch of Wirex Credit which is described as offering competitive interest rates and no origination fee for crypto-backed loans. Wirex states that users may borrow up to $100,000 in stablecoins, with a loan to value (LTV) of up to 80% within the Wirex app.
Wirex claims to be the first company in the world to develop a crypto-enabled card offering a “near-instant” loan in USDC, USDT, and NXUSED. Wirex states 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. Borrowers are required to pay interest for the days that the credit line is live.
Wirex also offers a non-custodial wallet where users can 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.
Pavel Matveev, CEO and Co-Founder of Wirex, commented on the new lending feature:
“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.”
Wirex expects to expand the tokens that credit are offered on and the regional availability in the coming months.
Wirex is a global digital payment platform founded in 2014 by CEOs and co-founders Matveev and Dmitry Lazarichev. The company reports over 5 million customers across 130 countries.
Wirex recently was re-instated to provide services in its home country of the UK having halted offerings in 2021.
Wirex is based in London, with offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.