According to the press release published on 6 May, 20% of the total supply of the Wirex Token (WXT) will be moved from the Stellar Network to Ethereum. Wirex said the migration will position WXT as a unique, multi-blockchain cryptocurrency that offers a range of benefits to its holders. WXT holders will be able to utilize the token on a wide variety of decentralized applications and benefit from increased power, efficiency, and flexibility.
“We’ve always believed in the potential for DeFi to change the way people think about and use money, and making WXT available on the most popular and powerful blockchain for DeFi applications is a no-brainer,” said Pavel Matveev, the CEO and co-founder of Wirex. ” Listing a percentage of our WXT token on the Ethereum network will allow additional innovations for our customers.”
Wirex successfully launched its proprietary token on the Stellar network in 2019. And while the partnership enabled the company to bring low-cost, near-instant payments to its users, Wirex decided to widen access to DeFi by utilizing another blockchain network. However, Matveev noted that Wirex doesn’t advocate for any particular platform or currency and chooses to integrate with the financial products that best match the needs of its customers.
The announcement is part of Wirex’s wider commitment to support mass adoption. Earlier this year, the company debuted a crypto-enabled debit card with a rewards program and plans on launching DeFi features throughout 2021. This includes the addition of new DeFi tokens to the platform, as well as the launch of X-Accounts, a program that enables users to earn passive income from cryptocurrencies.