Wirex Adds Six Stablecoins on Its Payment Platform

Wirex, a crypto-friendly digital payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company, has expanded its offerings with six new stablecoins. The company regards the addition as an important way of giving crypto newcomers ‘great options’ for spending digital currencies. Through the enhanced offerings, the firm has reaffirmed its commitment to expand the range of digital currency further into the mainstream. The six new tokens include STASIS EURO (EURS), True (TUSD), USD Coin (USDC), Tether (USDT), Pax dollar (USDP) and the Singapore Dollar Stablecoin (XSGD). The six new stablecoins will sit alongside DAI, the first stablecoin that Wirex integrated into its platform in 2019.

The latest stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term that the company added to its platform was XSGD, a Singapore dollar-backed stablecoin. The stablecoin, which is available on the StraitsX payment platform, was developed by Xfers Pte Ltd to help release the vision of a decentralized and regulated financial system in Singapore. In Singapore, popular tokens such as Chainlink (LINK) and Uniswap (UNI), as well as XSGD, will be available for consumers where local users can conduct a bank transfer of Singapore dollars (SGD) to Wirex using StraitsX platform to convert to XSGD.

Pavel Matveev, the CEO and Co-Founder of Wirex, stated: "Wirex was founded with a mission to make crypto open to all, so it's vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto."

Meanwhile, Aymeric Salley, the Head of StraitsX, commented: "At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption, and we're delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card."

How Wirex Is Making Crypto and Traditional Currencies Accessible to All

Wirex is on a mission to make cryptocurrency more available and accessible to everyone. With more than 4.5 million customers already using the platform, Wirex gives users instant access to a broad variety of cryptocurrencies and traditional currencies through digital and mobile apps, with the best OTC exchange rates, DeFi-powered earnings and next-gen rewards. The six new stablecoins have been added to the already available cryptocurrencies such as Bitcoin, Ether, Litecoin, XRP, Cardano and Dogecoin on the Wirex platform. Traditional currencies, such as Euro (EUR), pound sterling (GBP), Canadian Dollar (CAD), Czech Koruna (CZK), Hungarian Forint (HUF), Polish Zloty (PLN), Romanian Leu (RON), Croatian Kuna (HRK), US dollar (USD) are also available on the platform.

In July last year, Wirex launched its multicurrency Mastercard debit card in the United Kingdom and the European Economic Area as well as its rewards programme, X-tras, across the world to help make crypto more accessible to everyone. Last month, the firm launched a crypto wallet (the Wirex Wallet), which is available for downloads from app stores, allowing users to manage over 100 different cryptocurrencies from their mobile devices efficiently and securely. Furthermore, the crypto wallet gives a new generation of users access to the benefits that come with the DeFi ecosystem, including DeFi tokens, lending, staking, yield farming, among others.