Wirex has introduced a new Dual-Mode crypto card that combines traditional finance with decentralized finance (DeFi) protocols. Users can choose between two features: “debit” mode, which supports fiat currencies and stablecoins, and “credit” mode, which utilizes cryptocurrencies as collateral through a collateral debt position (CDP). The credit feature allows users to leverage DeFi for decentralized loans while preserving the value of their assets. On the other hand, the debit option minimizes volatility and ensures predictable value for those who prefer stable spending in fiat currencies or stablecoins.
Wirex’s Dual-Mode card offers benefits in terms of flexibility and taxation. Users have the freedom to choose between the two options, and the credit mode allows them to spend their cryptocurrency assets without triggering a taxable event. By leveraging DeFi protocols, Wirex also enables faster, more efficient, and transparent financial transactions, eliminating the inefficiencies of traditional banking systems.
The CEO and co-founder of Wirex, Pavel Matveev, believes that the Dual-Mode card is a catalyst for change in the financial landscape. It seamlessly integrates traditional and DeFi elements, providing users with unparalleled control and flexibility in financial services. The card also integrates with the Account Abstraction (AA) balance on the Wirex App Chain, giving users direct control over their funds without intermediaries.
In addition to launching the Dual-Mode card, Wirex has announced the return of the Rising Women in Crypto Power List initiative for 2023 in partnership with The Cryptonomist. This campaign aims to celebrate excellence in the cryptocurrency industry and inspire younger generations to consider it as a career path. Nominations for the Power List are open until November 6, 2023, and winners will be announced by the jury on November 27, 2023.
By
By
By
By