What is Wirex (WXT)?
WXT is the native token of Wirex, which is an innovative payment platform. It allows users to pay for various services using fiat currencies as well as cryptocurrencies. In order to achieve that, Wirex provides users with a physical Wirex card. Take a look at the Wirex price chart above if you're curious about the current WXT price.
Wirex card is the selling point of the Wirex platform. It supports popular crypto assets such as BTC, ETH, DAI, and others. Besides that, it supports such fiat currencies as USD, EUR, GBP, and so on.
Therefore, the Wirex card is suitable for making in-store purchases with both crypto and fiat currencies which makes it a strong rival for traditional cards. In addition to that, it’s really easy to get the card because the only thing you need to do is create an account on the Wirex platform. Though note that there are three different pricing plans that offer different features and perks (standard, premium, and elite).
According to Wirex, the card is licensed by the British Financial Conduct Authority (FCA). Besides, more than 130 countries accept the Wirex card. However, due to various regulations, the card is not accepted in the United States.
Apart from making in-store payments using crypto, the Wirex card has some other benefits. For instance, it acts as a sort of exchange, which allows users to instantly convert between their crypto and fiat currency holdings inside the card at Over-the-Counter and interbank rates.
However, note that, even though the Wirex card doesn’t take any fees for fiat currency upload or withdrawal, it does have some limitations for that. Check out the Wirex website to see the current withdrawal and upload limitations.
The Role of Wirex Tokens (WXT)
WXT is essentially a reward token of the Wirex platform. It powers the X-tras reward program. The program consists of such features as:
- Cryptoback rewards. Every time users make purchases with the Wirex card, they receive up to 2% back in WXT tokens. The Wirex tokens are stored in the Rewards Account on the Wirex app.
- Savings Bonuses. By subscribing to Premium and Elite plans, users get annual rewards in Wirex coins. Premium plan subscribers get 4%, while Elite plan subscribers get 12%.
- Exclusive Mastercard offers. Wirex card users get discounts and exclusive offers for various things or services.
Besides, the Wirex platform also has a referral program. This means that users can get rewards for inviting new users to the Wirex platform. The individual who receives the invitation, and the person who gives it, each receive $5 in WXT tokens when the invited person purchases $100 worth of cryptocurrency through Wirex.
However, apart from being simply a reward token, WXT has a much bigger impact on the whole DeFi industry. This is the case because, by 2021, around 80% of the WXT supply was migrated to the Ethereum blockchain. The tokens were then split between the Stellar Network and Ethereum blockchain. This allowed WXT tokens to become more powerful, efficient, and adaptable, bridging the gap between traditional DeFi ecosystems and new payment systems.
Don't forget to check the live WXT price on the Wirex token price chart that was mentioned above.
Tokenomics of Wirex Tokens
The maximum supply of Wirex tokens is 10 billion. During the exclusive private sale that took place in June 2019, 3% of the total Wirex token supply was sold in just 15 minutes.
After that, an Initial Exchange Offering (IEO) took place in July 2019, during which another 2% of the total supply was distributed. During the ICO, tokens were sold on a first-come-first-served basis for only $0.01 per token.
If you have WXT tokens and you’re planning to exchange them for other crypto assets, note that the Wirex token price is liable to change. This is the case because the WXT price is impacted by the general volatility of the whole crypto market.