FinTech: Payments Platform Wirex Offers Credit Against Collateral Of Your Crypto

July 8, 2022 | Digital Assets, FinTech, News

Don’t want to sell your bitcoin at these low prices but need liquidity? You can borrow against your holding and get stablecoins.

Wirex, the London-headquartered digital payments platform which aims to blur the gap between traditional currencies and crypto, has announced Wirex Credit, a product that offers highly competitive interest rates and no origination fee for crypto-backed loans. Users can easily borrow, within the Wirex app, up to $100,000 in stablecoins, with a loan to value (LTV) of up to 80%.

The product would be a useful source of liquidity for customers holding cryptos purchased at higher prices and unwilling to book a loss by selling out amidst the severe bear market afflicting digital assets. Instead, they could take out one or more Wirex lines of credit against their crypto as collateral.

These lines of credit can be used at over 80 million locations globally, in-store or online, wherever Visa or Mastercard is accepted.

Wirex Credit: Features of the product

  • Stake either BTC or ETH as collateral (more cryptos to come soon)
  • No affordability and credit checks
  • No fees to get set up
  • Pay interest only for the days you have a live credit line
  • Repay it whenever you like
  • Borrow up to 80% of the value of your collateral
  • A near-instant loan of up to $100,000 issued in USDC, USDT and NXUSD – which you can then exchange into crypto or traditional currency, or spend with your Wirex card.
  • Borrow up to 5 lines of credit at once
  • Highly competitive interest rates
  • Users can move their loans from the Wirex app to the Wirex Wallet (the world’s first mass market non-custodial wallet, with a unique biometric access system, cross-chain compatibility, and zero exchange fees)

Pavel Matveev, CEO and Co-Founder of Wirex, commented, “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.”

Related Story: Offers DeFi (Crypto) Home Mortgages

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