Wirex Adds Six Stablecoins on Its Payment Platform
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Wirex, a crypto-friendly digital
payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term company, has expanded its offerings with six new stablecoins. The company regards the addition as an important way of giving crypto newcomers ‘great options’ for spending digital currencies. Through the enhanced offerings, the firm has reaffirmed its commitment to expand digital currency further into the mainstream. The six new tokens include STASIS EURO (EURS), True (TUSD), USD Coin (USDC), Tether (USDT), Pax dollar (USDP), and the Singapore Dollar Stablecoin (XSGD). The six new stablecoins will sit alongside DAI, the first stablecoin that Wirex integrated into its platform in 2019.
The latest
stablecoin
Stablecoin
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including gold, silver, or others. Advantages of StablecoinsOf note, stablecoins redeemable in currency, commodities, or fiat money are also said to be backed, whereas those tied to an algorithm are not considered to be so.There are several advantages of asset backed crypto. First, these coins are stabilized by assets that fluctuate outside of the crypto space, that is. This can help mitigate the financial risk associated with these assets.For example, Bitcoin and altcoins are highly correlated, so that cryptocurrency holders cannot escape periodic price falls. Stablecoins control for this vulnerability, allowing for the diversification of risk in a portfolio.Stablecoins also possess a mechanism for redeeming the asset backing them. This grants an additional level of confidence associated with the coin and are unlikely to drop below the value of the underlying physical asset, due to the effects such as arbitrage.For example, fiat-pegged coins are coins that are tied to a specified amount of fiat currency, usually on a one-to-one ratio (i.e.1 StablecoinX = $1). The companies that issue these currencies must have fiat reserves in the equivalent amount of the stablecoins they have issued.Crypto-pegged stablecoins constitute coins that are tied to a specified amount of another cryptocurrency, such as Bitcoin or Ethereum. Algorithmic stablecoins use supply-and-demand to automatically maintain a stable value.
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including gold, silver, or others. Advantages of StablecoinsOf note, stablecoins redeemable in currency, commodities, or fiat money are also said to be backed, whereas those tied to an algorithm are not considered to be so.There are several advantages of asset backed crypto. First, these coins are stabilized by assets that fluctuate outside of the crypto space, that is. This can help mitigate the financial risk associated with these assets.For example, Bitcoin and altcoins are highly correlated, so that cryptocurrency holders cannot escape periodic price falls. Stablecoins control for this vulnerability, allowing for the diversification of risk in a portfolio.Stablecoins also possess a mechanism for redeeming the asset backing them. This grants an additional level of confidence associated with the coin and are unlikely to drop below the value of the underlying physical asset, due to the effects such as arbitrage.For example, fiat-pegged coins are coins that are tied to a specified amount of fiat currency, usually on a one-to-one ratio (i.e.1 StablecoinX = $1). The companies that issue these currencies must have fiat reserves in the equivalent amount of the stablecoins they have issued.Crypto-pegged stablecoins constitute coins that are tied to a specified amount of another cryptocurrency, such as Bitcoin or Ethereum. Algorithmic stablecoins use supply-and-demand to automatically maintain a stable value.
Read this Term that the company added on its platform was XSGD, a Singapore dollar backed stablecoin. The stablecoin, which is available on the StraitsX payment platform, was developed by Xfers Pte Ltd to help release the vision of a decentralized and regulated financial system in Singapore. In Singapore, popular tokens such as Chainlink (LINK) and Uniswap (UNI), as well as XSGD, will also be available for consumers, where local users can conduct a bank transfer of Singapore dollar (SGD) to Wirex using StraitsX platform to convert to XSGD.
Pavel Matveev, the CEO and Co-Founder of Wirex, talked about the development and said: “Wirex was founded with a mission to make crypto open to all, so it’s vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto.”
Meanwhile, Aymeric Salley, Head of StraitsX, also commented about the development and stated: “At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption and we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card.”
How Wirex Is Making Crypto and Traditional Currencies Accessible to All
Wirex is on a mission to make cryptocurrency more available and accessible to everyone. With more than 4.5 million customers already using the platform, Wirex gives users instant access to a broad variety of cryptocurrencies and traditional currencies through digital and mobile apps, with best OTC exchange rates, DeFi-powered earnings, and next-gen rewards. The six new stablecoins add to already available cryptocurrencies such as Bitcoin, Ether, Litecoin, XRP, Cardano, and Dogecoin on the Wirex platform. Traditional currencies such as Euro (EUR), pound sterling (GBP), Canadian Dollar (CAD), Czech Koruna (CZK), Hungarian Forint (HUF), Polish Zloty (PLN), Romanian Leu (RON), Croatian Kuna (HRK), US dollar (USD) are also available on the platform.
In July last year, Wirex launched its multicurrency Mastercard debit card in the United Kingdom and the European Economic Area as well as its rewards programme, X-tras, across the world to help make crypto more accessible to everyone. Last month, the firm launched a crypto wallet (the Wirex Wallet), which is available for downloads from app stores, thus allowing users to manage over 100 different cryptocurrencies from their mobile devices efficiently and securely. The crypto wallet gives a new generation of users access to the benefits that comes with the DeFi ecosystem, including DeFi tokens, lending, staking, yield farming, among others.
Wirex, a crypto-friendly digital
payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term company, has expanded its offerings with six new stablecoins. The company regards the addition as an important way of giving crypto newcomers ‘great options’ for spending digital currencies. Through the enhanced offerings, the firm has reaffirmed its commitment to expand digital currency further into the mainstream. The six new tokens include STASIS EURO (EURS), True (TUSD), USD Coin (USDC), Tether (USDT), Pax dollar (USDP), and the Singapore Dollar Stablecoin (XSGD). The six new stablecoins will sit alongside DAI, the first stablecoin that Wirex integrated into its platform in 2019.
The latest
stablecoin
Stablecoin
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including gold, silver, or others. Advantages of StablecoinsOf note, stablecoins redeemable in currency, commodities, or fiat money are also said to be backed, whereas those tied to an algorithm are not considered to be so.There are several advantages of asset backed crypto. First, these coins are stabilized by assets that fluctuate outside of the crypto space, that is. This can help mitigate the financial risk associated with these assets.For example, Bitcoin and altcoins are highly correlated, so that cryptocurrency holders cannot escape periodic price falls. Stablecoins control for this vulnerability, allowing for the diversification of risk in a portfolio.Stablecoins also possess a mechanism for redeeming the asset backing them. This grants an additional level of confidence associated with the coin and are unlikely to drop below the value of the underlying physical asset, due to the effects such as arbitrage.For example, fiat-pegged coins are coins that are tied to a specified amount of fiat currency, usually on a one-to-one ratio (i.e.1 StablecoinX = $1). The companies that issue these currencies must have fiat reserves in the equivalent amount of the stablecoins they have issued.Crypto-pegged stablecoins constitute coins that are tied to a specified amount of another cryptocurrency, such as Bitcoin or Ethereum. Algorithmic stablecoins use supply-and-demand to automatically maintain a stable value.
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including gold, silver, or others. Advantages of StablecoinsOf note, stablecoins redeemable in currency, commodities, or fiat money are also said to be backed, whereas those tied to an algorithm are not considered to be so.There are several advantages of asset backed crypto. First, these coins are stabilized by assets that fluctuate outside of the crypto space, that is. This can help mitigate the financial risk associated with these assets.For example, Bitcoin and altcoins are highly correlated, so that cryptocurrency holders cannot escape periodic price falls. Stablecoins control for this vulnerability, allowing for the diversification of risk in a portfolio.Stablecoins also possess a mechanism for redeeming the asset backing them. This grants an additional level of confidence associated with the coin and are unlikely to drop below the value of the underlying physical asset, due to the effects such as arbitrage.For example, fiat-pegged coins are coins that are tied to a specified amount of fiat currency, usually on a one-to-one ratio (i.e.1 StablecoinX = $1). The companies that issue these currencies must have fiat reserves in the equivalent amount of the stablecoins they have issued.Crypto-pegged stablecoins constitute coins that are tied to a specified amount of another cryptocurrency, such as Bitcoin or Ethereum. Algorithmic stablecoins use supply-and-demand to automatically maintain a stable value.
Read this Term that the company added on its platform was XSGD, a Singapore dollar backed stablecoin. The stablecoin, which is available on the StraitsX payment platform, was developed by Xfers Pte Ltd to help release the vision of a decentralized and regulated financial system in Singapore. In Singapore, popular tokens such as Chainlink (LINK) and Uniswap (UNI), as well as XSGD, will also be available for consumers, where local users can conduct a bank transfer of Singapore dollar (SGD) to Wirex using StraitsX platform to convert to XSGD.
Pavel Matveev, the CEO and Co-Founder of Wirex, talked about the development and said: “Wirex was founded with a mission to make crypto open to all, so it’s vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto.”
Meanwhile, Aymeric Salley, Head of StraitsX, also commented about the development and stated: “At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption and we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card.”
How Wirex Is Making Crypto and Traditional Currencies Accessible to All
Wirex is on a mission to make cryptocurrency more available and accessible to everyone. With more than 4.5 million customers already using the platform, Wirex gives users instant access to a broad variety of cryptocurrencies and traditional currencies through digital and mobile apps, with best OTC exchange rates, DeFi-powered earnings, and next-gen rewards. The six new stablecoins add to already available cryptocurrencies such as Bitcoin, Ether, Litecoin, XRP, Cardano, and Dogecoin on the Wirex platform. Traditional currencies such as Euro (EUR), pound sterling (GBP), Canadian Dollar (CAD), Czech Koruna (CZK), Hungarian Forint (HUF), Polish Zloty (PLN), Romanian Leu (RON), Croatian Kuna (HRK), US dollar (USD) are also available on the platform.
In July last year, Wirex launched its multicurrency Mastercard debit card in the United Kingdom and the European Economic Area as well as its rewards programme, X-tras, across the world to help make crypto more accessible to everyone. Last month, the firm launched a crypto wallet (the Wirex Wallet), which is available for downloads from app stores, thus allowing users to manage over 100 different cryptocurrencies from their mobile devices efficiently and securely. The crypto wallet gives a new generation of users access to the benefits that comes with the DeFi ecosystem, including DeFi tokens, lending, staking, yield farming, among others.
Cryptocurrency
