Wirex launches crypto lending in UK despite ‘crypto winter’ woes

Rick Steves

WXT is Wirex’s native token, much like CEL was to Celsius.

Wirex has made its crypto-backed credit lines available to UK users, with WXT as a token to be used as collateral, in an effort to expand the Wirex Credit program to new regions with additional features.

Launched last month in Europe and Asia, Wirex Credit allows users to borrow crypto-backed credit lines of up to $100,000. Now, the crypto lending service is available in the United Kingdom as well.

Firms within the DeFi space are lining up to take Celsius’ place as leaders in crypto lending. Wirex launched the product so its 5 million users can instantly borrow stablecoins starting at 0% interest, with no origination or set-up fee. Users can take out up to 5 credit lines at once, with no credit or affordability checks required.

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.”

WXT is Wirex’s native token

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.

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.

WXT is Wirex’s native token, much like CEL was to Celsius. CEL plunged in recent weeks as the crypto lender restricted withdrawals amid the crypto winter which also ruined Terra/LUNA. Celsius has filed for bankruptcy and users are expected to be served last.

The crypto crash was widely expected to happen as it was the case many times before ever since Bitcoin was created. That didn’t stop many investors from being hurt as Bitcoin and the whole cryptocurrency market plunged throughout the year.

What retail and even some institutional participants didn’t realize was that they were relying on flawed projects or badly managed operations that eventually brought clients down with them.

Due diligence is now the name of the game as the digital asset space learns from its past mistakes to come out of the ‘crypto winter’ stronger than it was before.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<