Wirex integrates Liquity’s pool of tokens in new partnership

credit: Shutterstock
credit: Shutterstock

Web3 money app Wirex has announced a partnership with Liquity to integrate its LUSD and LQTY tokens to expand its selection of supported cryptocurrencies. 

Users will be able to engage with the Liquity tokens on the Wirex app to buy and sell, enabling traders to conduct transactions with more than 50 million merchants in over 200 countries. 

Pavel Matveev, CEO & Co-Founder of Wirex, said: “We are excited to continue expanding our cryptocurrency offerings and provide our users with access to innovative projects like Liquity. 

“The integration of LQTY and LUSD in the Wirex app aligns with our commitment to empowering users and simplifying their cryptocurrency journey.”  

Liquidity’s borrowing protocol will also be integrated, which will enable users access to interest-free loans via Ether as its collateral. The loans are issued in the stablecoin LUSD which is pegged to the USD that is collateralised by ETH. 

The protocol has been hailed as a “significant milestone”, marking 1,000 days since the deployment of its smart contracts on the Ethereum mainnet. Over this timespan, the protocol has issued over $4.7bn in loans and currently has a TVL of $700m. 

The loans are co-secured by a Stability Pool containing LUSD and by borrowers acting as guarantors of last resort. Liquity as a protocol is non-custodial, non-upgradable, and governance-free. 

Sam Lekhak, Head of Growth at Liquity, added: “Liquity is excited to integrate with Wirex to bring our decentralised borrowing protocol to a wider audience. The inclusion of LUSD and LQTY within the Wirex app enhances the utility of Liquity tokens, providing users with a seamless experience in using these assets for day-to-day transactions.” 

The Wirex integration opens new possibilities for crypto users, according to the Web3 company, allowing them to leverage LUSD and LQTY tokens seamlessly for everyday transactions.