History and future outlook
Wirex created the Wirex Token (WXT) as an integral utility token in 2019. By the fast-paced standards of digital currencies, WXT can therefore be considered a ‘mature’ cryptocurrency - one that is well-established amongst Wirex users and available on numerous cryptocurrency exchanges outside the Wirex ecosystem. Despite its status as such, the token has evolved in line with technological and developments over the past two years in order to maintain its relevance to users.
At launch, Wirex users could gain special benefits by holding certain amounts of WXT, including higher levels of Cryptoback™ rewards and commission-free exchange. WXT’s integration into the Wirex ecosystem expanded in 2021, when Cryptoback™ rewards started being remunerated in WXT. In parallel, two new WXT-powered features were added to the Wirex app: the X-tras rewards programme and X-Accounts. These products widened the benefits for users of both spending and saving WXT. For example, X-tras consists of three tiers of membership with corresponding benefits - users who subscribe to the Elite price plan can earn 2-3 times more Cryptoback™ rewards on online and offline purchases than those who subscribe to the free Standard plan. Similarly, Wirex users can earn a higher APR for staking rewards in X-accounts if they choose to earn that interest in WXT, rather than in-kind. The incentivisation of numerous actions in the Wirex product portfolio has proven popular with users and the benefits of WXT are currently available to more than 4 million customers around the world.
As new tech like DeFi accelerates industry change and consumer adoption, WXT has a unique opportunity in 2022 to power even more product innovation and connect people with Wirex’s diverse offering.
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