Crypto and fiat digital payment platform Wirex on Friday announced the launch of a new rewards program for its Wirex Visa cardholders under which purchases will be rewarded with up to 1.5 percent in Bitcoin.
The company tied its recently launched Wirex token (WXT) to the reward program and offers three levels of the rewards on purchases. Customers holding 500,000 WXT tokens will receive 1.5 percent of their purchased amount in Bitcoins, while customers with 100,000 and 75,000 WXT tokens will receive 1 percent and 0.75 percent in Bitcoins respectively.
This is an extension of the company’s already available cryptoback program under which it is rewarding Wirex cardholders with 0.5 percent of their purchases in the digital currency.
The first time you lay eyes on your #Cryptoback rewards 🤩
📲 via @secci_massimiliano on Instagram pic.twitter.com/ynimH8bqKc
Turkish Lira Trades Near Record Lows on Unorthodox Monetary PoliciesGo to article >>
— Wirex (@wirexapp) September 10, 2019
Commenting on the new program, Pavel Matvee, co-founder of the UK-based company, said: “We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”
The company does not impose any restrictions on the earned crypto rewards, meaning buyers can transfer the Bitcoins into any wallet address and can spend or hold them.
Raising millions for the purpose of giving back
Wirex launched WXT tokens in June with the purpose of rewarding its customers in digital currency. The company raised around $3 million by selling its native token in the initial exchange offering (IEO) platform of OKEx exchange.
Earlier this year, the company also partnered with Steller to release 26 fiat-backed stablecoins to its user base.