According to CoinGecko, the metaverse sector currently has a marketcap of USD 29 billion with a 24-hour trading volume of USD 3.6 billion. Nowadays, it’s one of the most dynamic sectors in the entire ecosystem.
Therefore, many crypto companies are developing solutions to make the future metaverse more accessible to people. Likewise, Wirex has announced the publication of its whitepaper and a partnership with Nereus, a DeFi protocol. But, what are the implications of these milestones? Is Wirex transforming its services to become Metaverse-friendly?
Wirex co-founder and CEO Pavel Matveev talked about the integration of Wirex into the metaverse technology: “The metaverse will lead to seismic change, both economic and social. We see two metaverse trends evolving – convergence and inclusion. Financial products that can operate seamlessly across digital and fiat currencies will be the norm, and over one bn people worldwide will be participants in this novel ecosystem.”
Also, Matveev mentioned: “Wirex aims to be at the forefront of metaverse innovation by widening our product offering, removing the barriers between fiat and cryptocurrency rails, and offering new financial products with our native token, WXT, at their core.”
In this article, you will discover in detail the plans that Wirex has to incorporate its financial services.
First: Wirex’s Whitepaper
Wire’x main goal is to close the gap between traditional and digital payments and make crypto more accessible to everyone. Therefore, the company is aware that the best way to accomplish this steadily across time is by adapting financial services to the metaverse. So, the first step to start this transformation is by establishing a whitepaper.
#BREAKING We've published a brand new #whitepaper bringing an updated vision for #WXT, placing it at the centre of a raft of new innovations for #fintech and #DeFi users. Think Xtras 2.0 and a non-custodial multi-chain #WirexWallet.
Full announcement:https://t.co/4q8aWBArRK
— Wirex (@wirexapp) December 7, 2021
Therefore, these are the three pillars of Wirex’s integration in the metaverse technology reflected in the whitepaper:
1. Wirex Token
The Wirex Token (WXT) is the exclusive currency of the Wirex platform. It’s a one-of-a-kind, multi-blockchain coin that allows users to access special crypto benefits as well as a new generation of DeFi ecosystems. Therefore, users can buy WXT in the app now.
2. X-tras 2.0
X-tras 2.0 is a significant improvement to Wirex’s rewards program, with a new use case for the WXT token. First, X-tras 1.0 original version made it easy for anyone to utilize and benefit from cryptocurrencies. However, X-tras 2.0 will do the same for DeFi, making services simpler, more secure, and cheaper to take advantage of DeFi benefits.
3. Wirex Wallet
The new Wirex Wallet is a multi-chain digital asset storage solution that is Web 3.0-ready and non-custodial. It allows users to safely and effectively manage over 100 different cryptocurrencies and other digital assets from their mobile devices without the need for a private key or Wirex membership.
Also, the wallet is a powerful tool in Wirex’s ecosystem, with a direct connection to AAVE and Compound. Also, the wallet is compatible with the Bitcoin, Ethereum, and Solana blockchains.
Second: Wirex Invested in a DeFi Cross-Chain Protocol
According to the annoucement, Wirex has invested 5 billion $WTX in a cross-chain DeFi lending protocol called Nereus Finance.
Nereus was created to overcome the issues that the first generation of DeFi lending protocols had. Therefore, the most critical features of Nereus are Fair governance, user experience, convenience, and low-cost fees.
Alongside the whitepaper, we're excited to announce a new investment & partnership with #DeFi protocol @nereusfinance ⚡️
Launching on the @avalancheavax network, it will offer improved governance to users as well as staking, locking and borrowing options: https://t.co/wqwfgBe71x
— Wirex (@wirexapp) December 7, 2021
Wirex is fully committed to fully adapting to the metaverse since Wirex is investing 50% of the total WXT supply to establish the protocol on the Avalanche blockchain.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wirex. Copyright Altcoin Buzz Pte Ltd.
