Wirex Adds Support for Liquid LUSD and LQTY Tokens
Wirex, the financial app with its crypto card, has announced that it now supports the LUSD and LQTY tokens of Liquity. This means that users of the Wirex app with the crypto card can buy, sell, and use Liquid tokens at 50 million merchants in 200 countries.
Using Wirex’s Crypto Card to Spend Liquid Tokens
With Wirex’s crypto card, users can now spend their LUSD and LQTY at over 50 million merchants worldwide. Additionally, by using these tokens, you can access the crypto back service and earn up to 8% Cryptoback.
Pavel Matveev, CEO and co-founder of Wirex, expressed excitement about expanding their cryptocurrency offering and providing users with access to innovative projects like Liquity. He emphasized that integrating LQTY and LUSD into the Wirex app aligns with their commitment to empower users and simplify their cryptocurrency journey.
Liquity: A Decentralized Lending Protocol
Liquity is a decentralized lending protocol that allows users to obtain interest-free loans by leveraging Ether as collateral. The protocol offers LUSD, a stablecoin pegged to the US dollar and backed solely by Ethereum. It is used for issuing loans with a minimum required collateral ratio of 110%.
In its 1,000 days since launching on the Ethereum mainnet, Liquity has issued over $4.7 billion in loans and currently has a Total Value Locked (TVL) of $700 million. The protocol also has a Stability Pool containing LUSD and other borrowers who act as lenders of last resort.
Wirex’s Dual-Mode Crypto Card
In October 2023, Wirex introduced its Dual-Mode crypto card, which combines traditional finance with DeFi protocols. Users can choose to use the card in “debit” mode like a normal debit card or in “credit” mode to leverage DeFi for decentralized loans.
The “credit” functionality allows users to use cryptocurrencies as collateral through a collateralized debt position (CDP). On the other hand, the “debit” option is ideal for users who prefer the stability of fiat currencies or stablecoins, minimizing volatility.
Hot Take: Wirex Expands Crypto Card Support with Liquid Tokens
Wirex continues to enhance its cryptocurrency offering by adding support for Liquity’s LUSD and LQTY tokens. With this integration, Wirex app users can now conveniently spend their Liquid tokens at millions of merchants worldwide. The addition of Liquid tokens further strengthens Wirex’s commitment to empowering users and simplifying their cryptocurrency journey. By leveraging Wirex’s crypto card, you can not only make seamless transactions but also earn up to 8% Cryptoback. This collaboration between Wirex and Liquity opens up new possibilities for cryptocurrency adoption and usage in everyday transactions.
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