Wirex Dual-Mode Card aims to be catalyst for change in financial innovation

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Wirex, a specialist crypto payments platform, has deepened its offering through the launch of the Wirex Dual-Mode Card.

The solution seeks to combine the reliability of traditional financial systems with the ‘transformative potential of decentralised finance (DeFi).

Pavel Matveev, CEO & Co-Founder of Wirex, said: “Wirex is proud to present the Dual-Mode Card, a catalyst for change in the financial landscape. It seamlessly integrates traditional and DeFi elements, giving users unparalleled control and flexibility – a true evolution in financial services.”

The Wirex Dual-Mode Card places a key focus on flexibility and control over financial assets, providing two distinct modes to cater to diverse preferences.

In Debit Mode, the card operates like a traditional debit card, supporting transactions in both fiat currencies and stablecoins. This mode is ideal for users who prefer the stability of fiat or stablecoin spending, minimising volatility and ensuring predictable value.

Switching to Credit Mode, the Wirex Dual-Mode Card utilises crypto holdings as collateral through a Collateral Debt Position (CDP). Tailored for crypto enthusiasts, this mode leverages DeFi protocols for decentralised lending and borrowing, allowing users to preserve the appreciation of their assets.

Furthermore, the card also taps into DeFi to source liquidity in the Credit mode – aiming to ensure more efficient, and transparent financial operations, eradicating the traditional banking system’s inefficiencies and bottlenecks. 

It builds on Wirex’s continued focus on digital finance, with the firm recently signing a long-term strategic global partnership with Visa. 

The collaboration included the firm becoming a Visa partner in both the UK and APAC, enhancing the group’s global expansion. 

The deal played a key role in the major markets of Wirex, including APAC, the UK, Europe and the USA. The Visa membership enables Wirex to offer new innovative products to utilise crypto for everyday use, improve user-experience and pilot new blockchain initiatives.