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August 5, 2022

Wirex introduces crypto-back credit lines in UK

Digital payment platform Wirex has launched its cryptocurrency-backed loan offering called Wirex Credit in the UK.

The move comes a month after the company launched Wirex Credit to provide users with easy access to liquidity.

Wirex Credit allows users to borrow up to $100,000 in stablecoins. The product is currently available to users in Asia, Europe, and with the latest expansion for UK customers as well.

According to the company, Wirex Credit allows customers to borrow stablecoins starting at 0% interest and avail up to five credit lines at a time.

The process does not involve credit or affordability checks, and is available with no origination or set-up fee.

The loan will be issued in NXUSD, USDC, USDT and DAI, while customers can use BTC, ETH and now WXT as collateral.

Wirex co-founder and CEO Pavel Matveev said: “Wirex has a long-standing reputation of delivering easy to use crypto products for the everyday consumer. Wirex Credit brings a hugely competitive offering, allowing users quick and easy access to access to crypto-backed credit lines.

“We’re continuing to develop the product to offer more choice of tokens to be used as collateral to open a credit line. With our largest customer base in the UK, it’s great to be able to expand Wirex Credit to these users.”

The company noted that it will continue to expand Wirex Credit offering and will add other popular tokens as options for collateral.

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