History

Like ‘metaverse’, ‘DeFi’ (Decentralised Finance) is a term that is beginning to enter the mainstream discourse although for many people it remains, a nebulous, vaguely defined concept. Wirex defined itself as part of the world of decentralised finance before the term was widely used. Since its inception in 2015, Wirex has always prided itself on closing the gap between the regulated world of fiat currencies and the nascent, ever-changing world of cryptocurrencies. This legacy of building bridges is illustrated by numerous innovations throughout Wirex’s history:
- Created the world’s first cryptocurrency to fiat payment card
- Launched the world’s first cryptocurrency reward programme, Cryptoback™ rewards​
- Established a partnership with MakerDAO​
- Launched the Wirex Token (WXT), the platform’s native token, for use in the Wirex app and both centralised and decentralised exchanges
- Launched X-accounts, a mainstream Defi/CeFi earning product linked to cryptocurrencies and stablecoins     
Two factors define the pipeline of Wirex innovations: increasing interoperability between mainstream payments and cryptocurrency and widening use cases for digital currency for the broadest possible audience. Presently, Wirex is available in over 100 markets, and to date has over 50 cryptocurrencies available within its ecosystem. As of Q3 2021, Wirex had 4.5m+ users in 100+ countries, and has processed $5bn+ worth of transactions.

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