GemCoin Spotlight: Wirex

Here we are with the third analysis of our series 📊

Today, Wirex is a UK FCA (Financial Conduct Authority) licensed crypto and fiat payment and clearing platform that has come to the forefront in the crypto world after Europe banned one unregulated blockchain project after another.

Let's get started 👇

Overivew

Wirex is a licensed and regulated digital payment platform that has been creating new reforms in the blockchain payment industry since 2015. The company offers disruptive innovative products for B2C and B2B customers by combining the benefits of blockchain-based payments with traditional banking infrastructure.

With over three million customers in 130 countries through a single mobile app, Wirex provides secure accounts that allow customers to easily store, buy and exchange multiple traditional and cryptocurrencies at the latest live rates. Furthermore, users have the opportunity to earn crypto through the platform's rewards program on their daily purchases.

Licensed by the Financial Conduct Authority (FCA), Wirex bridges the gap between traditional financial services and the crypto world, allowing users to benefit from both worlds. The user-friendly interface and multi-currency support make Wirex extremely useful for those who want to manage their financial transactions in a simple and efficient way.


Wirex is the first company to issue a contactless Wirex Visa card worldwide, allowing users to instantly convert and spend cryptocurrencies in their daily lives. The platform provides unlimited access to OTC and interbank rates for both crypto and traditional currency exchanges.

Furthermore, with a commitment to bridge the gap between fiat and digital currencies, Wirex has created Cryptoback™, the world's first crypto rewards program. Wirex Visa cardholders earn up to 8% cryptocurrency rewards on their in-store purchases.

Security

Wirex ensures high security against fraudulent activities by combining advanced anti-fraud technology with Strong Customer Authentication (SCA). Integrated with globally recognized partners, Wirex employs state-of-the-art solutions such as facial recognition, biometric data, and real-time transaction monitoring.

Additionally, cutting-edge fraud analysis tools carefully track every step of Wirex transactions, providing complete security during payments. Cold storage multi-signature (multi-sig) vaults create a virtual Fort Knox for your crypto and traditional funds, with keys only in your possession. Your documents and sensitive data are securely stored, visible only to you, using TLS and 256-bit AES encryption.

Technology

Microservices Architecture

Wirex uses a microservices architecture on Azure Kubernetes and Fabric. This approach includes principles such as CQRS, Event Sourcing and Actor Model, and each microservice uses a separate database for limited context. There are more than 400 microservices in their distributed infrastructure worldwide.

Cloud Infrastructure

The cloud strategy is based on a scalable, reliable and cloud-agnostic platform that provides a unified technology service stack.

UI and UX Design

An efficient application UI and UX design is provided to drive customer growth.

Real-Time Monitoring

Real-time monitoring and near real-time reports are provided.

Integrations

Integration with 50+ platforms including banks, blockchains, KYC providers and digital exchanges.

Development Processes

Highly efficient development processes and rapid feature rollout support digital business processes.

Products and Services

Wirex Card

This card allows payments in cryptocurrencies and offers up to 8% Cryptoback™ rewards for all your purchases. Cryptoback™ rewards are instantly credited to your Wirex account. You can also pay and earn rewards without the need for a physical card or cash with the newly launched Wirex virtual card.

X-Accounts

A revolutionary feature that allows you to earn up to 16% interest on your crypto and traditional currency assets. Available in select countries, this feature provides a safe and simple way to earn interest on account balances. You can also withdraw money at any time with no fees.

Wirex Loans

You can borrow stablecoins like NXUSD, USDC, USDT or DAI using your BTC or ETH as collateral. You can then use, stake, convert or accumulate these cryptocurrencies as you wish. You can also borrow up to 70% of your collateral value and repay your credit limit at any time, paying interest only for the days the loan is valid.

Wirex DUO

Offers the opportunity to earn up to 400% APR with short-term DUO options. You can create high yield baskets by choosing any token pair.

Wirex Multiply

A trading service for those who want to profit quickly and easily from upward or downward market fluctuations.

Wirex Wallet

The world's first unattended wallet supports eight different blockchains and does not require a seed phrase. Biometric facial recognition allows you to access your wallet from anywhere. With Wirex Wallet, you can trade assets on major DEXs, deposit or borrow assets on platforms like Compound and Nereus. Additionally, you can buy and store NFTs across multiple chains.

Nereus Finance

Backed by Wirex with a $5 billion investment, Nereus Finance is a DeFi lending platform built on the Avalanche network. Users can deposit and borrow assets like Avax, Weth, Wbtc, Usdc, Usdt, Dai, Crv, and Joe on the Nereus platform.

Nereus shares 50% of platform revenues with users and also rewards them with Wxt tokens. Users can stake Wxt tokens on Nereus, locking them for 3-6 month periods to earn high-interest returns.

Users can also borrow NXUSD on Nereus, a collateralized algorithmic stablecoin on the Avalanche network, using WBTC, WETH, AVAX, and DAI as collateral. Users can receive 20% interest on NXUSD by providing liquidity to the NXUSD/AV3 liquidity pool on Nereus.

Tokenomics

Wirex Token

WXT is a token that exists on the Ethereum, Avalanche, and Stellar blockchains, regulated by Wirex (Gibraltar) Limited, a wholly-owned subsidiary of Wirex UK. WXT is designed to benefit growing B2C and B2B user communities, rewarding them for spending or storing their assets. Additionally, it is distributed as rewards to those who deposit, borrow, or stake on Nereus Finance.

WKX

WKX combines the passive income feature of X-Accounts with the flexibility and high yield opportunities of liquid staking in DeFi. WKX tokens have a two-year lifespan, meaning you cannot swap them for 1000 WXT or more until the end of this period, after which the price is fixed at a higher value than when you initially purchased it. This implies that the value of WKX is guaranteed to increase during this period, offering high returns to users! Wirex customers can purchase this product at a discounted price from its current value, set at 800 WXT. Each WKX token will be repaid after two years as a minimum of 1000 WXT and 10 USDT.

NXUSD Stable Token

NXUSD is an ERC-20 token on the Avalanche blockchain and is softly pegged to the US dollar. NXUSD can be directly redeemed for 0.995 $ within the Wirex app (with a 0.05% fee). With your Wirex card, you can spend NXUSD at over 81 million merchants in more than 200 countries worldwide. Additionally, you can earn up to 20% AER with the NXUSD X-Account.

The total supply of WXT is limited to 10 billion tokens, currently available on the Ethereum, Avalanche, and Stellar networks. The initial distribution of the token was as follows:

• 49% - Platform Reserves
• 17% - Team
• 14% - R&D
• 11% - Partnerships
• 5% - Seed & Private Round
• 4% - Public Sale

*However, later buybacks by the team led to the purchase of most of the WXT in the market, with around 5 billion given as a grant to Nereus Finance approximately 1.5 years ago. The remainder is held in exchange liquidity and platform wallets to reward users.

CONCLUSİON

Let's discuss the pros and cons of the Wirex Ecosystem 👇

Pros

• Wirex seamlessly integrates cryptocurrencies with traditional financial systems, providing users with multi-currency accounts, money transfers and exchange services.
• Wirex serves clients in 130 countries around the world, providing access to a broad user base.
• Wirex is a trusted financial institution licensed by the UK Financial Conduct Authority (FCA).
• Users can use their crypto assets for day-to-day spending, saving or trading.
• Wirex ensures the security of users' crypto assets with a non-custodial digital wallet.

Cons

• While available in many countries, Wirex services may be limited or unavailable in some regions.
• The crypto payment and trading industry is highly competitive and this can create challenges for Wirex. They need to continuously develop features to remain competitive.
• Despite being a solid platform with great partnerships, Wirex still lacks significant recognition in the crypto world.
• Some users have complained about Wirex customer support, indicating that improvements are needed.

*They are apparently addressing this issue through their newly launched Discord server.

As a licensed and regulated platform in Europe, Wirex stands out as a major player in the crypto and fiat payment space. Its user-friendly interface, seamless integration of traditional and crypto finance, and commitment to security and major industry partnerships enhance its credibility. Wirex's innovative products and interest in DeFi projects create an attractive platform that offers diversity for users and promises growth potential in the crypto ecosystem. However, competition and marketing shortcomings in the industry should also be taken into consideration