Wirex Launches WXT Token, Says Fundraising is "Not Primary Goal"

Crypto and fiat digital payment platform Wirex has announced the creation of the Wirex Token (WXT), its “first native cryptocurrency,” today, June 10th. According to an official statement from the company, the coin “is designed to help users access unique rewards, [and] save on fees.”

The announcement of the token also explained that its launch would help the company to achieve its ultimate goal of “[democratizing] access to fast, low-cost international remittance and empower retail and corporate customers to use their cryptocurrency in day-to-day life.” Wirex is perhaps best known for its debit card that allows its users to operate with both fiat and digital money.

Pavel Matveev, Wirex’ CEO and co-founder, explained in the announcement that: “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.”

Pavel Matveev, CEO,and Co-Founder at Wirex, will be a keynote speaker at Finance Magnates’ upcoming Barcelona Trading Conference on July 10th and 11th.

The Token Sale

The token will be sold and distributed through an Initial Exchange Offering (IEO) Initial Exchange Offering (IEO) An Initial Exchange Offering, or IEO, is a method of fundraising in which a cryptocurrency company issues and sells tokens through a cryptocurrency exchange. Unlike Initial Coin Offerings (ICOs), an IEO is instead administered by a crypto exchange on behalf of the startup that is looking to raise funds with its newly issued tokens.As such, an investor must make an account on the exchange that is holding the token sale and send cryptocurrency into that account. Therefore, the Know-Your-Customer ( An Initial Exchange Offering, or IEO, is a method of fundraising in which a cryptocurrency company issues and sells tokens through a cryptocurrency exchange. Unlike Initial Coin Offerings (ICOs), an IEO is instead administered by a crypto exchange on behalf of the startup that is looking to raise funds with its newly issued tokens.As such, an investor must make an account on the exchange that is holding the token sale and send cryptocurrency into that account. Therefore, the Know-Your-Customer ( Read this Term) via OKEx’ Jumpstart program.

The public sale will take place on the 26th of June when just 1 percent of the token WXT token supply will be available to buyers on a first-come, first-serve basis for $0.01 per token. In order to participate in the sale, users must have a verified Wirex amount and must purchase at least $25 worth of WXT; the maximum purchase amount is $100,000.

Interestingly, the company says that fundraising is not the main goal of the token launch.

“Token sales are usually fundraising exercises. This is not Wirex’s top priority, which is why we’re only putting 1% of the total token supply up for sale during the IEO,” a company announcement explained. “Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.”

Wirex 3.0 has landed ?

We’ve spent the last year working closely with our community, collecting customer feedback & identifying all the ways we can improve your experience. What's new? https://t.co/G2WhV6Omly Welcome to the future.#BTC #LTC #XRP #ETH #WAVES #WLO #DAI #NANO pic.twitter.com/SPH0OpPjRQ — Wirex (@wirexapp) February 27, 2019

However, an “exclusive” pre-IEO sale will take place on the Wirex platform for verified users on the 13th of June, during which $2 million worth of the token will be sold. The announcement of the sale said that the sale was already “overbooked”, although “we are always happy to talk to investors.”

Finance Magnates reported earlier this year that Wirex partnered with the Stellar network to launch 26 fiat-backed stablecoins.