Wirex, a well-known digital payment platform, has announced its cryptocurrency: Wirex Token (WXT). WXT, for which the whitepaper is already available, will be launched through an IEO (Initial Exchange Offering) on the OKEx exchange.

Wirex and the WXT cryptocurrency

The new Wirex WXT token is based on Stellar‘s blockchain and is designed to allow users to save on the fees they would otherwise incur through traditional banking channels.

Pavel Matveev, CEO of Wirex, believes that cryptocurrencies will replace fiat currencies. Wirex’s token was created to help the company – already active in the digital payments sector – become an industry leader.

The launch of Wirex‘s token will take place on June 26th, 2019 through OKEx’s OK Jumpstart program. The tokens will be offered for sale for a value of $1 million (exactly 1% of the total supply). The tokens will be available for purchase following an FCFS (first come, first served) approach and each token will cost $0.01.

The Wirex WXT token Pre-IEO starts on June 13th

Since a high demand is expected, in order to avoid that verified Wirex users lose the possibility to get tokens, an exclusive pre-IEO sales session on the Wirex platform is scheduled for June 13th. For the pre-sale, 200,000,000 tokens (2% of the total supply) will be offered for sale, also in this case, the sale will follow an FCFS model. Tokens purchased during the pre-sale will be locked for 6 months.

Buying a large number of tokens will give users a number of advantages (discounts on Wirex payment services fees and charges, discounts on bank transfers, discounts on credit and debit card withdrawals and refills, discounts on management costs and withdrawal costs).

These discounts vary according to the number of tokens purchased:

 

  • 500,000 WXT ($5,000) – 100% discount;
  • 100,000 WXT ($1,000) – 50% discount;
  • 50,000 WXT ($500) – 25% discount.

 

 

Currently, users who make in-store purchases with their Wirex Visa card receive a return of 0.5% on their purchases, in cryptocurrency. The percentage of the Cryptoback increases as the number of tokens purchased increases:

 

  • 500,000 WXT ($5,000) – 1.5% Cryptoback™;
  • 100,000 WXT ($1,000) – 1% Cryptoback™;
  • 50,000 WXT ($500) – 0.75% Cryptoback™.

 

 

A series of further advantages (not yet revealed) are expected to arrive for all those users who decide to hold their tokens.