- Fintech firm Wirex to launch own digital currency
- The digital token is dubbed “WRX”
- The initial exchange offer will be hosted by cryptocurrency exchange OKEx
Leading digital payment platform Wirex announced on June 10, 2019, that it is soon going to launch its own cryptocurrency dubbed “WXT.” Notably, the native digital token will be launched through an initial exchange offering (IEO) in conjunction with cryptocurrency exchange platform OKEx.
Wirex to Launch Own Token
Following the footsteps of Facebook, one of the leading digital payment platforms in the world, Wirex has unveiled plans to launch its own native cryptocurrency. The digital token, dubbed WXT, will be launched via an IEO through OKEx after an exclusive pre-sales for its verified customers, the press release notes.
According to the press release, WXT token will help users save transaction fees and enable them to earn unique rewards on Wirex platform.
Slated to take place on June 26, 2019, Wirex’s IEO will be hosted by OKEx’s OK Jumpstart program. The IEO will initially be open for pre-sales to the company’s verified customers following which, depending on the availability, one percent of the total WXT tokens will be available for public purchase on a first-come-first-serve basis at an initial price of $0.01 per token.
Notably, the pre-sales IEO will take place on June 13, 2019, where about two million WXT tokens will be up for grabs at a fixed price.
Pavel Mateev, CEO, Wirex, commented on the development saying:
“We believe that the nascent token economy will eventually replace conventional fiat currency as the dominant form of payment. The Wirex Token helps us integrate with the payment environment of the future and offer users a convenient, fast and cost-efficient way to move digital money across borders.”
Some of the benefits of holding WRX as highlighted by Wirex include exclusive discounts on transaction fees, enhanced Wirex CryptoBack rewards, and premium access to the firm’s upcoming products including a Wirex crypto Visa card.
Earlier in the year, the UK-based fintech firm added blockchain project Waves to its list of offered crypto-assets.
That said, only time will tell whether the company’s decision to launch its own cryptocurrency results in some long-term benefits.
Of late, foraying into the crypto space has become a part and parcel of the industry with many big conglomerates – including Mark Zuckerberg’s blue and white brand – deciding to launch their own digital token to capture the relatively unsaturated but volatile market.