Wirex Credit Launches in the UK, Expands Cryptocurrency Collateral Options

Wirex, a crypto and payments ecosystem, has expanded the Wirex Credit program to new regions and “developed additional features.”

Their crypto-back credit lines “are now available to UK users and has added WXT as a token to be used as collateral.”

Having launched last month on the Wirex app, Wirex Credit has “become a hugely popular option for users wanting to easily and quickly borrow crypto-backed credit lines of up to $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 straightforward access to the benefits of DeFi, and offers complete flexibility and control.”

With a highly intuitive user interface, borrowing crypto “is easier than ever,” the company claims.

Customers can “instantly 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.”

From today, customers can “use BTC, ETH and now WXT as collateral, and instantly 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.”

The products’ use-cases “appeal to a wide audience, where users can quickly and easily access liquidity whenever without having to sell their crypto.” This newfound liquidity can then be “spent instantly in real-life with the Wirex debit card at over 80 million locations worldwide, online or in-store.”

Pavel Matveev, CEO and Co-Founder of Wirex, commented:

“Wirex has a long-standing reputation of delivering easy to use crypto products for the everyday consumer. Wirex Credit brings a hugely competitive offering, allowing users quick and easy access to access to crypto-backed credit lines. We’re continuing to develop the product to offer more choice of tokens to be used as collateral to open a credit line. With our largest customer base in the UK, it’s great to be able to expand Wirex Credit to these users.”

In the coming weeks, Wirex will continue “to expand the Wirex Credit offering, including the release of many more popular tokens as options for collateral, and cross-collateral borrowing allowing users to combine different assets in their portfolio for a loan.”

As covered, Wirex is “a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space.”

In 2015, the firm developed “the world’s first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.”

Wirex was “created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone.”

With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides “a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.”

With over 5 million customers across 130 countries, the company “offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app.”

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