WXT

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is WXT?

Wirex Token (WXT) is a multi-blockchain cryptocurrency operating on both the Stellar and Ethereum platforms. It serves as the native token for the Wirex app, providing users with access to exclusive crypto rewards and decentralized finance (DeFi) ecosystems. WXT is used to unlock rewards programs, such as Cryptoback and Savings Bonus, and can be bought, stored, and exchanged within the Wirex app.

How is WXT used?

The Wirex Token (WXT) is a multi-blockchain cryptocurrency that powers the X-tras rewards program within the Wirex platform. It is designed to help users save on commissions and earn unique bonuses. Here are some key ways WXT is used:

  1. Rewards and Discounts: Users receive exclusive discounts (up to 100%) on various fees, including exchange fees, bank transfer fees, withdrawal fees, credit/debit card top-ups, monthly administration fees, ATM fees, and SWIFT transfer fees.

  2. Cryptoback Rewards: Users can earn up to 4% back in WXT on Wirex card purchases and up to 12% annually on the balance of their WXT accounts with the Savings Bonus feature.

  3. Multi-Chain Support: WXT supports multiple blockchains, including Ethereum and Polygon, enhancing its utility and allowing for deep integration with various DeFi and Web3 applications.

  1. Decentralized Finance (DeFi): WXT bridges the gap between traditional and decentralized financial systems, aiming for greater inclusivity and efficiency.

  2. Payment and Transfer: The Wirex application allows users to transfer money to different countries quickly and efficiently, without high commissions and losses on exchange rates.

Overall, WXT is a versatile token that offers a range of benefits and rewards to users within the Wirex ecosystem.

How do I store WXT?

To store WXT (Wirex Token) tokens, you need a suitable crypto wallet that supports the blockchain networks where WXT operates. Here are the steps to follow:

  1. Choose a Wallet: Select a reliable crypto wallet that supports the Stellar Network and Ethereum blockchain, as WXT is a multi-blockchain cryptocurrency. You can refer to the official Wirex Token website for a list of supported wallets.

  2. Set Up Your Wallet: Download and set up the chosen wallet on your desktop or mobile device. Ensure you follow the wallet's instructions for setup and keep your seed phrase safe.

  3. Store Your WXT: Once your wallet is set up, you can store your WXT tokens securely. Make sure to keep your wallet address handy for future transactions.

  1. Manage Your WXT: You can buy, store, and exchange WXT within the Wirex app. Additionally, you can use decentralized exchanges (DEXs) to trade your WXT tokens.

  2. Staking and Rewards: You can also delegate your WXT tokens for staking to earn rewards. This process involves choosing a staking service or delegating your tokens directly.

Remember to keep your wallet and account information secure to protect your WXT tokens from unauthorized access.

How to buy WXT?

To buy Wirex Token (WXT), follow these steps:

  1. Create an Account on a Crypto Exchange:

    • Choose a reliable exchange like Coinbase, Binance, or Gate.io.
    • Register by providing necessary information, including your email address and a secure password.
    • Complete any required identity verification steps.
  2. Fund Your Account:

    • Select a suitable payment method, such as credit/debit cards, bank deposits, or peer-to-peer trading.
    • Ensure you understand the fees associated with each method.
  3. Navigate to the Trading Page:

  • Find the relevant trading pair, such as WXT/USDT or WXT/BTC.
  • Choose the right trading pair based on your deposit method.
  1. Place a Buy Order:

    • Decide on a market order or limit order, considering the execution price and liquidity.
    • Set the amount of WXT you want to buy, and execute the order.
  2. Transfer WXT to Your Wallet:

    • Once purchased, you can hold WXT in your exchange account or transfer it to a personal cryptocurrency wallet like Metamask.
    • Consider trading WXT for other cryptocurrencies or using it for decentralized finance (DeFi) applications.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to find the most suitable one for you.

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History of WXT

The Wirex Token (WXT) is the native cryptocurrency of the Wirex platform. It was launched in July 2019 to great acclaim and demand. The token was designed to be a utility token, providing tangible value and benefits to its holders beyond its market price. The pre-sale of WXT was held exclusively for verified Wirex customers, with 3% of the total supply (300 million tokens) allocated for sale. The tokens sold out within 15 minutes after purchase limits were removed, with over 10,000 users buying WXT during the pre-sale.

The Initial Exchange Offering (IEO) of WXT took place on July 1, 2019, through the OKEx platform. The sale was highly successful, with demand reaching 25.8 billion WXT during the second session. The token was initially valued at $0.026873 at the time of the IEO.

After the IEO, Wirex worked to make WXT available on multiple exchanges and platforms. It was listed on KuCoin, known for its user-friendly experience and focus on efficiency and security. Today, WXT is widely used within the Wirex app and on other cryptocurrency platforms, offering exclusive rewards and access to decentralized finance ecosystems.

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How WXT works

The Wirex Token (WXT) is a unique multi-blockchain cryptocurrency that powers the X-tras rewards program within the Wirex platform. It operates on both the Stellar Network and Ethereum blockchain, allowing for efficient and secure transactions. Here's how it works:

Wirex Token (WXT) Functionality

The primary purpose of WXT is to help users save on commissions and earn unique bonuses. It is used to incentivize retailers and reduce transaction fees. Users can earn WXT through the Cryptoback rewards program, which gives them a percentage of their eligible purchases back in cryptocurrency. This program operates on a tiered system, with users earning more rewards as they move up the tiers by frequently using their Wirex debit cards.

Earning Wirex Cryptoback Rewards

To earn Cryptoback rewards, users need to make eligible purchases with their Wirex Visa or Mastercard debit cards. The amount of rewards earned depends on the user's X-tras tier. The rewards are credited to the user's Wirex account within a few minutes of the purchase. Users can track their earnings in the Wirex app and can exchange their WXT for other cryptocurrencies, stablecoins, or fiat currencies.

Using Wirex Cryptoback Rewards

There are no restrictions on how users can use their Cryptoback rewards. Once credited to their Wirex account, users can use or withdraw their WXT as they wish. However, a standard blockchain fee is levied when withdrawing funds.

Buying and Trading Wirex Token (WXT)

WXT can be bought through various methods, including centralized exchanges, decentralized exchanges, and crypto wallets. On centralized exchanges, users need to create an account, verify their identity, and add a payment method. On decentralized exchanges, users need to have a compatible wallet and the base currency to swap for WXT. Crypto wallets also support direct purchases or swaps for WXT.

Price Predictions and Performance

Experts predict that the price of WXT will fluctuate over the years. In 2024, the price is expected to reach $0.015572019005427401. By 2030, the price can hit $0.015572019005427401. The token's performance is influenced by its utility within the Wirex platform and the overall cryptocurrency market.

Wirex Platform and Services

Wirex is a platform that allows users to make fast and efficient payments using both conventional currencies and cryptocurrencies. It offers debit cards, bank transfers, and other services with reduced fees. The platform has made significant headway in the cryptocurrency market, especially after receiving approval from the UK Financial Conduct Authority to issue debit cards in Europe.

Security and Risks

Wirex takes security measures seriously, including KYC verification and 2FA on its exchanges. Users are advised to do their own research and never invest more than they can afford to lose. The entire volume of WXT tokens is distributed with risk protection in mind, ensuring that users are protected against unforeseen interference.

Overall, the Wirex Token (WXT) is a unique cryptocurrency that offers users a way to save on fees and earn rewards through the Cryptoback program. Its multi-blockchain architecture and integration with the Wirex platform make it an attractive option for those looking to make efficient and secure transactions.

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WXT's strengths

The Wirex Token (WXT) has several strengths that make it an attractive option for users:

  1. Multi-Blockchain Capability: WXT is a unique multi-blockchain cryptocurrency, operating on both the Stellar and Ethereum blockchains. This allows for increased power, efficiency, and flexibility, bridging the gap between payments and decentralized finance (DeFi) ecosystems.

  2. Exclusive Rewards: WXT powers X-tras, a cutting-edge rewards program that offers benefits such as Cryptoback™ rewards, Savings Bonus, and exclusive merchant offers. These rewards are paid out in WXT, enhancing the token's utility and value.

  3. Decentralized Finance (DeFi) Access: By migrating a significant portion of its supply to the Ethereum blockchain, WXT provides users with access to a wide range of DeFi applications, further expanding its use cases.

  1. Security and Scalability: The WXT smart contract has undergone a comprehensive audit by BEOSIN, ensuring the token's robustness, network security, and risk management protocols.

  2. Community Engagement: WXT is designed to enrich community engagement and reward active participation within the WEEX exchange, fostering a dynamic incentive mechanism that acknowledges and rewards contributions.

  3. Trading Benefits: Holding WXT grants access to exclusive benefits such as discounts on trading fees, higher commission rebates, VIP privileges, and voting rights in coin listings, enhancing the trading experience on the WEEX platform.

These strengths collectively position WXT as a versatile and rewarding token, offering users a comprehensive set of benefits and opportunities within the cryptocurrency ecosystem.

WXT's risks

Wirex Token (WXT) carries several financial risks that investors should be aware of. One of the primary risks is its high volatility, which can lead to significant price fluctuations. This volatility is reflected in its high risk score, indicating that the token's price can be easily manipulated by limited trading activity. Additionally, the cryptocurrency market as a whole is known for its high volatility, which can further impact WXT's value.

Another risk is the potential for market manipulation due to low trading volumes. If the trading volume is low, it may not take much capital to significantly influence the price, making it vulnerable to market manipulation. This can result in sudden and unpredictable price changes, which can be detrimental to investors.

Furthermore, WXT is a utility token, and its value is not linked to the performance of Wirex. Instead, it is subject to market movements on secondary exchanges, which can be unpredictable and influenced by various external factors. This means that investors are exposed to market risks, and the value of their investment can fluctuate significantly.

Lastly, investors should be aware that WXT is not a security token, and buying it does not grant ownership or equity in Wirex. The value of WXT is solely based on market demand and supply, making it a speculative investment.

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Did WXT raise funds?

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WXT’s team

  • Pavel Matveev: CEO and Co-Founder of Wirex, leading the company's mission to make digital currencies accessible to all and overseeing strategic partnerships like the one with Cenit Finance to enhance WXT tokenomics.
  • Dmitry Lazarichev: Co-Founder of Wirex, instrumental in shaping the company's vision to bridge the gap between traditional finance and digital currencies.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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