Wirex, a digital payments platform, has decided to move 20% of its token supply to the Ethereum blockchain as part of its push towards decentralised finance(Defi).
Currently, the token is in the Stellar network but to give access to its users to the benefits of Defi, Wirex has decided to move over part of its token supply. This would be a further boost to the proponents of Defi and to the ethereum blockchain in particular.
Defi is a huge growing field at this point of time and several projects are being launched on the ethereum blockchain based on finance and so it does make sense for Wirex and other fintech firms to try to cash in on the boom. Other blockchains like that of Binance are also making a mark in this field and the possibilities at this point of time, look endless.
With much of FX and stocks being around for many years now, new traders are looking towards crypto for newer instruments to trade and make value. Wirex has pushed 2 billion WXT tokens towards Ethereum blockchain to give their users a chance to participate in the Defi boom.
Pavel Matveev, the CEO and Co-Founder of Wirex, commented:
“Wirex without innovation isn’t an option. We’ve always believed in the potential for DeFi to change the way people think about and use money, and making WXT available on the most popular and powerful blockchain for DeFi applications is a no-brainer. At Wirex, our role is to make DeFi tangible, safe and accessible for our customers to use in real life. Listing a percentage of our WXT token on the Ethereum network will allow additional innovations for our customers.”
The WXT token was launch in June 2019 on the Stellar network and with the ease and power of crypto, it has been able to offer cross border payments to its users through this. The fact that they are now moving a part of their token supply to ethereum is in effect a statement that the stellar network hasn’t also grown or adapted to the changes in the blockchain landscape.
But still, Wirex can be proud that they are one of the very tokens out there that are cross blockchain and it remains to be seen on how they make use of this pitch and this capability to enhance the user experience and make this transition smooth for their customers as they would be looking forward to the passive and active income that Defi promises.