The recent market meltdown hasn’t stopped Wirex from continuing its crypto loan offering allowing users to borrow up to $100,000.
Wirex launched Wirex Credit to respond to the growing popularity of crypto lending despite the recent market crash due to poor risk management in DeFi. All loans are made at the user’s risk.
Highlighting the advantages of crypto lending over traditional lending, the crypto platform aims to bring the benefits of DeFi to the mass market, especially its 5 million customers.
Wirex Credit offers competitive interest rates and no origination fees for crypto loans, allowing users to easily borrow up to $100,000 in stablecoins, with a loan-to-value (LTV) of up to 80% in the Wirex app.
The product allows users to access credit regardless of market conditions, whether it is earning funds by investing in DeFi protocols or buying a getaway using the Wirex card.
Wirex’s credit product offers a near-instant loan of up to $100,000 issued in USDC, USDT, and NXUSD, with an LTV of up to 80% in the Wirex app. In the coming months, the company plans to expand the tokens on which credit is offered and regional availability.
There will be no set-up fees, setup fees, or credit and accessibility check requirements, and users can borrow up to 5 lines of credit at a time.
Customers can repay at any time and are only required to pay interest for the days the line of credit is active, where credit health can easily be checked in the app.
Pavel Matveev, CEO and Co-Founder of Wirex, commented, “This is a landmark in Wirex offering more ways for everyday users to use crypto, and we’ve made it be as convenient and easy as possible for our customers to take crypto. -backed loan. Wirex’s vast product ecosystem 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.
Wirex recently launched its services in the United States as the digital payment platform wants to reach millions more people and provide them with easy access to cryptocurrencies and fiat currencies.
Distribution began on its debit card across America following partnerships with Zero Hash, Checkout.com, Visa and Sutton Bank.
Wirex offers users the ability to buy, hold, trade, and sell US dollars as well as 37 different cryptocurrencies. The mobile app is linked to a contactless Visa debit card, allowing customers to spend their cryptocurrency* online and in-store at over 61 million locations worldwide.
Additional features include free domestic and international ATM withdrawals, no annual fees, no exchange fees, near-instant crypto transactions, and live transaction notifications.