WXT, introduced in 2019, is designed to support several use cases specific to Wirex users. In its initial launch stage, WXT was predominantly a reward token used to incentivise activities within the Wirex ecosystem. Holding set amounts of WXT entitled users to various benefits such as fee-free crypto exchange. Created on the Stellar blockchain, WXT was used to fuel in-house P2P payments, allowing users to instantly share and transfer WXT in-app with no fees. WXT use cases have evolved in line with the launch of new Wirex features – in 2021 X-tras was launched, greatly increasing the role of WXT within the ecosystem. X-tras has three tiers of benefits which can be subscribed to with payment in WXT, Cryptoback™ rewards are paid out in WXT and WXT balances are eligible to receive a savings bonus of up to 12%, depending on the user’s price plan.
Bringing the best of DeFi to a CeFi environment, Wirex launched X-Accounts with WXT integral to the reward mechanism of the product. X-Accounts brings DeFi to the mainstream with low barriers to usage and minimal / no fees for participation. Users can earn interest on a range of crypto & fiat deposits – when paid in WXT, an additional bonus of 4% is added to the interest rate. WXT payments are an attractive incentive to use Wirex products, as well as being useful for retaining users who deposit a variety of funds, in turn increasing liquidity. Wirex’s commercial roadmap will continue to evolve and improve these propositions, including enhanced Cryptoback™ rewards, higher savings bonuses, and preferential X-Account rates for Premium & Elite users. Wirex will also incentivise locked funds with significant pay-outs linked to the value of funds locked and length of time deposited within the ecosystem.