- Wirex launched a new line of credit, enabling users to borrow stablecoins against their crypto holdings.
- The new credit offering enables users to access the value of their crypto holdings without needing to sell off their crypto assets.
- Users can borrow up to $100,000 issued in USDC, USDT and NXUSD in exchange for their BTC and ETH holdings.
Cryptocurrency payments platform Wirex introduced a new line of credit this week.
The new offering, Wirex Credit, enables Wirex’s five million customers to instantly borrow up to $100,000 issued in USDC, USDT, and NXUSD. Wirex uses clients’ BTC or ETH (with more crypto options launching soon) as collateral with zero origination or setup fees. Users can borrow up to 80% of the value of their crypto holdings and only pay interest once their credit line goes live.
Wirex Credit helps customers access the value of their crypto holdings without having to sell. This is especially useful in the current crypto environment. Because the value of BTC and ETH is down, users would have to sell their holdings at a loss if they wanted to make a purchase using crypto. By converting their holdings to stablecoins first, Wirex clients can make purchases using crypto without selling at an inopportune time.
Users can take advantage of Wirex Credit within the Wirex app and receive stablecoins immediately, with no affordability or credit checks.
“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,” said Wirex CEO and Cofounder Pavel Matveev. “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.”
Founded in 2014, Wirex offers an app linked to a Visa debit card that allows customers to spend their cryptocurrency online and in-store at over 61 million locations. The company offers free domestic and international ATM withdrawals, no annual fee, zero exchange fees, near instant crypto transactions, live transaction notifications, and the ability to instantly top up via their debit card with zero fees. Today’s line of credit launch rounds out this set of financial services tools, bringing the company one step closer to providing a comprehensive financial services offering.