Cryptocurrency and payments ecosystem Wirex has expanded the Wirex Credit program to new regions and developed additional features, the company announced Thursday (Aug. 4)
Wirex crypto-back credit lines are now available to users in the United Kingdom, and the platform has also added WXT as a token to be used as collateral. Launched last month on the Wirex app, Wirex Credit allows users to borrow crypto-backed credit lines of up to $100,000.
The service is currently available to users in Europe, Asia and now the U.K. From Thursday, customers can use WXT as collateral in addition to the other tokens already supported: bitcoin and ether.
Read more: Wirex Credit Intros Crypto-Backed Loans
Having put up cryptocollateral, Wirex users can choose between borrowing NXUSD, USDC, USDT and DAI with flexible repayment terms, according to the press release.
Wirex Credit is aimed at crypto holders who require liquidity but don’t want to sell their assets. Wirex provides borrowers with a card that they can use to spend the borrowed currency.
“Wirex has a long-standing reputation of delivering easy-to-use crypto products for the everyday consumer,” said Pavel Matveev, CEO and co-founder of Wirex. “Wirex Credit brings a hugely competitive offering, allowing users quick and easy access to access to crypto-backed credit lines.”
He added that “we’re continuing to develop the product to offer more choice of tokens to be used as collateral to open a credit line. With our largest customer base in the UK, it’s great to be able to expand Wirex Credit to these users.”
Wirex has also announced that it plans to expand the range of assets that can be used as collateral in the coming weeks. The platform intends to introduce cross-collateral borrowing, allowing users to combine different assets in their portfolio when taking out a loan.
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