Once linked to a crypto-enabled debit card, users can spend AVAX as well as 61 other crypto and traditional currencies on Wirex.
On Monday, Wirex, a digital payment network that allows users to spend 62 fiat and cryptocurrency currencies at over 61 million places around the world, announced the addition of Avalanche (AVAX) to its ecosystem. Users can now use the Avalanche blockchain to receive, transfer, store, and exchange AVAX tokens, as well as add custom tokens. Over the following several months, the business expects to onboard a number of AVAX-based tokens.
In addition, using Wirex’s decentralised financial savings product, X-Accounts, customers will be able to receive 20% yearly interest on AVAX. The company’s app, wallet, and payment platforms have over 4.5 million users in over 120 countries.
“Wirex is moving fast to make digital assets and the innovation happening on public blockchains more accessible to the masses,” said John Wu, president of Ava Labs, the inventor of the AVAX blockchain.
Meanwhile, Wirex CEO and co-founder Pavel Matveev stated that the acquisition of AVAX is “assisting in the development of use cases for the Wirex ecosystem,” particularly in terms of expanding blockchain accessibility.
In 2015, Wirex claims to have created the first crypto-enabled payment card in the world. The company extended to the United States in January and onboarded the Polygon, BNB Chain, and Fantom blockchains at the same time. Wirex also offers its own native utility token, WXT, as well as a crypto reward scheme that rewards cardholders with up to 2% in WXT for every transaction. Since 2014, the company has processed more over $5 billion in transactions.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.