Reading time 7
The Wirex Token (WXT) is a cryptocurrency developed by Wirex, a digital payment platform that offers cryptocurrency wallets, exchange services, and debit cards that enable users to convert and spend cryptocurrencies at point-of-sale (POS) terminals worldwide.
WXT is built on the Ethereum blockchain and operates as an ERC-20 token. It is used as a means of exchange within the Wirex platform, allowing users to access premium features, such as higher withdrawal limits and lower fees. Additionally, holding WXT can provide users with access to exclusive discounts and rewards, such as cashback on purchases made with the Wirex Visa card.
Wirex also allows users to earn WXT through its referral program, where users receive a reward for each new user they refer to the platform.
Overall, the Wirex Token (WXT) is designed to enhance the user experience and incentivize engagement with the Wirex platform, providing a range of benefits and rewards for its users.
The history of The Wirex Token (WXT)
The Wirex Token (WXT) was launched by the Wirex platform in 2019. The development of the WXT token was part of Wirex’s broader strategy to enhance the user experience and incentivize engagement with its platform.
Prior to the launch of the WXT token, Wirex had already established itself as a leading provider of digital payment services, offering cryptocurrency wallets, exchange services, and debit cards that allow users to convert and spend cryptocurrencies at point-of-sale terminals worldwide.
The WXT token was designed to provide additional benefits and rewards to Wirex users, including discounted fees, cashback rewards, and access to premium features such as higher withdrawal limits. The token was built on the Ethereum blockchain, utilizing the ERC-20 standard for compatibility with other Ethereum-based tokens and wallets.
Wirex launched an initial coin offering (ICO) to raise funds for the development and promotion of the WXT token. The ICO was successful, with over $20 million raised from investors worldwide.
Since its launch, the WXT token has continued to gain popularity, with its value rising significantly in 2021 amid the wider bull run in the cryptocurrency market. Wirex has continued to expand its range of services and features, with the WXT token remaining at the heart of its platform as a means of exchange and incentive for user engagement.
How The Wirex Token (WXT) works
The Wirex Token (WXT) operates as a means of exchange and incentive within the Wirex platform. Here is how it works:
- Means of exchange: Users can purchase WXT tokens using fiat currency or other cryptocurrencies and then use them to pay for services and products within the Wirex platform. For example, users can use WXT to buy and sell cryptocurrencies, transfer funds, or pay for goods and services using the Wirex Visa card.
- Rewards and incentives: Wirex offers a range of rewards and incentives to users who hold and use WXT tokens. These rewards include discounted fees, cashback rewards, and access to premium features such as higher withdrawal limits. The more WXT a user holds or spends, the greater the rewards they can receive.
- Staking: Wirex users can also earn rewards by staking their WXT tokens. Staking involves holding a certain amount of WXT in a wallet for a specified period, during which users can earn interest or other rewards. The longer the staking period and the higher the amount of WXT staked, the greater the rewards that can be earned.
- Referral program: Wirex users can earn WXT tokens by referring new users to the platform. For each new user referred, the referrer receives a reward in WXT.
Overall, the Wirex Token (WXT) provides a range of benefits and incentives to Wirex users, making it a central part of the Wirex platform and ecosystem.
Can The Wirex Token (WXT) be trusted
Wirex is a legitimate and regulated digital payment platform that has been in operation since 2015. The company is headquartered in London, UK, and has offices in several other countries worldwide. Wirex is regulated by the UK’s Financial Conduct Authority (FCA) and holds an e-money license, which requires the company to comply with strict regulations and safeguards to protect customer funds and data.
The WXT token is built on the Ethereum blockchain, utilizing the ERC-20 standard, which is widely used and trusted in the cryptocurrency industry. The WXT token is also audited by third-party security firms to ensure its security and integrity.
However, like any cryptocurrency or digital asset, the value of the WXT token can be volatile and subject to market fluctuations. Additionally, investing in cryptocurrencies comes with risks, including the risk of losing the entire investment. Therefore, it is important to carefully consider the risks and benefits of investing in WXT or any other cryptocurrency and to conduct thorough research before making any investment decisions.
How to get The Wirex Token (WXT)
Here’s a step-by-step guide on how to get the Wirex Token (WXT):
- Create a Wirex account: To get the WXT token, you need to first create an account with Wirex. You can sign up on the Wirex website or download the Wirex app on your mobile device.
- Verify your identity: To comply with regulatory requirements, you will need to verify your identity by providing a valid ID and proof of address.
- Fund your account: Once your account is verified, you can fund it using a bank transfer, credit or debit card, or other supported payment methods.
- Purchase WXT tokens: After funding your account, you can purchase WXT tokens by clicking on the “Buy Crypto” button in the Wirex app or website and selecting the WXT token from the list of available cryptocurrencies. You can then enter the amount of WXT you want to purchase and complete the transaction.
- Store your WXT tokens: After purchasing WXT tokens, you can store them in your Wirex wallet or transfer them to a compatible Ethereum-based wallet.
- Use your WXT tokens: You can use your WXT tokens to pay for services and products within the Wirex platform, earn rewards and incentives, or trade them on supported cryptocurrency exchanges.
Remember to always be cautious when purchasing and storing cryptocurrencies. Ensure that you use strong passwords, enable two-factor authentication, and store your private keys and recovery phrases in a safe place.
