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Wirex payment system enables its 4.5M users to access Avalanche (AVAX)

By:
on Feb 28, 2022
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  • Wirex has announced its integration with the Avalanche blockchain.
  • Wirex will enable the 4.5 million users on the platform to access the Avalanche ecosystem.
  • Wirex is accessible in more than 61 million locations around the world.

Wirex has announced its integration with the Avalanche (AVAX/USD) blockchain. The latter has become one of the most popular blockchains in the market, and it prides itself on low trading fees and fast speeds.

On the other hand, Wirex is a digital payments platform that allows its users to spend around 62 fiat currencies and cryptocurrencies. Wirex is also supported in over 61 million locations globally through the Wirex platform.

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Wirex integrates Avalanche

Wirex has now announced it will be integrating with the Avalanche ecosystem. Through this integration, users on Wirex can now send, receive, store and exchange Avalanche’s native token, AVAX. It will also support the addition of custom tokens through the Avalanche blockchain.

The company is also looking towards supporting more AVAX-based tokens over the coming months. Moreover, the users on Wirex will also manage to earn an annual interest rate of 20% that will be paid in AVAX. The interest will be paid through X-Accounts, the decentralized finance savings product of the firm.

The company has more than 4.5 million users, and it has a presence in over 120 countries. Users can access the platform through its application, wallet and payments platforms.

John Wu, the president of Ava Labs and the founder of the AVAX blockchain, has commented on this development, saying that Wirex was venturing towards innovative technologies. Wu noted that the firm “moving fast to make digital assets and the innovation happening on public blockchains more accessible to the masses.”

The CEO and co-founder of Wirex, Pavel Matveev, has also commented on the integration of Avalanche, saying it is “helping to develop use cases for the Wirex ecosystem.”

Wirex’s moves towards crypto

In 2015, Wirex said that it created the first cryptocurrency-enabled payments card, the first one in the world. Last month, the company expanded its operations in the US, and it also partnered with some of the leading blockchain platforms such as BNB Chain, Fantom (FTM/USD) and Polygon (MATIC/USD).

Wirex has also unveiled its own native utility token dubbed WXT. Wirex will also have a cryptocurrency reward program that will allow cardholders to receive up to 2% back in WXT tokens for each transaction made on the platform. Wirex has processed over $5 billion worth of transactions since 2014.