Digital payment platform Wirex has further expanded its service portfolio with the introduction of cryptocurrency-backed loan offering.

The new offering, dubbed Wirex Credit, will enable users to borrow up to $100,000 in stablecoins.

In a statement, Wirex said: “Wirex’s core aim is to bring the benefits of DeFi to the mass market, and Wirex Credit adds new use cases for crypto to their 5 million customers.”

The ‘near-instant’ loan will be issued in USDC, USDT and NXUSD, with a loan to value (LTV) of up to 80% within the Wirex app.

Additionally, Wirex Credit carries no origination fee or set-up fee, and the customers can avail loans without credit or affordability checks.

Wirex added that the product will provide the users with access to credit in all market conditions.

The customers can also use the amount to pay for online and in-store purchases using the Wirex card connected to the app.

Wirex CEO and co-founder Pavel Matveev said: “This is a landmark point in Wirex offering more ways for everyday users to utilise crypto, and we’ve made it as convenient and straightforward as possible for our customers to take a crypto-backed loan.

“Wirex’s vast ecosystem of products means there are huge opportunities for using Wirex Credit, from HODLing to debit card purchases, or using the Wirex Wallet to earn in DeFi protocols.”

The introduction of Wirex Credit bolsters the London-based company’s product portfolio. Now, it plans to expand the tokens that credit are offered on over the next few months.