The recent market collapse hasn’t stopped Wirex from pursuing its crypto loan offering allowing users to borrow up to $100,000.
Wirex has launched Wirex Credit to address the growing popularity of crypto loans despite of the recent market collapse over risk mismanagement in DeFi. All lending is conducted at the user’s risk.
Pointing to advantages of crypto loans over traditional ones, the crypto platform aims to bring the benefits of DeFi to the mass market, in particular to their 5 million customers.
Wirex Credit offers competitive interest rates and no origination fee for crypto-backed loans, thus allowing users to easily borrow up to $100,000 in stablecoins, with a loan to value (LTV) of up to 80% within the Wirex app.
The product enables users to gain access to credit regardless of market conditions, whether that earning funds from investing into DeFi protocols or purchasing a getaway using the Wirex card.
The credit product of Wirex offers a near-instant loan of up to $100,000 issued in USDC, USDT, and NXUSD, with a LTV of up to 80% within the Wirex app. In the coming months, the company plans to expand the tokens that credit are offered on and the regional availability.
There will be no origination fee, set up fee, or requirement for credit and affordability checks, and users can borrow up to 5 lines of credit at once.
Customers can pay back at any time and are only required to pay interest for the days that the credit line is live, where credit health can easily be checked in-app.
Pavel Matveev, CEO and Co-Founder of Wirex, commented: “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. 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.”
Wirex has recently launched its services in the United States as the digital payments platform wants to reach millions more people and offer them easy access to crypto and fiat currencies.
Distribution has begun on its debit card across America following partnerships with Zero Hash, Checkout.com, Visa and Sutton Bank.
Wirex offers users the ability to buy, hold, exchange and sell US dollars as well as 37 different cryptocurrencies. The mobile app is linked to a contactless Visa debit card, allowing customers to spend their cryptocurrency* online and in-store at over 61 million locations globally.
Additional features include free domestic and international ATM withdrawals, no annual fee, zero exchange fees, near instant crypto transactions, and live transaction notifications.