Wirex Launches Innovative Dual-Mode Card

Published 8 months ago

Crypto payments platform Wirex has launched the Wirex Dual-Mode Card. This revolutionary product combines the dependability of traditional finance systems with the disruptive potential of decentralised finance (DeFi).

Wirex Dual-Mode Card: A Blend of Tradition and Innovation

The Wirex Dual-Mode Card provides users with control and flexibility over their financial assets. It comes with two distinct modes - Debit and Credit - catering to a wide range of user preferences.

In Debit Mode, the card functions akin to a traditional debit card, supporting transactions in both fiat currencies and stablecoins. This mode is designed for users favoring the stability of fiat or stablecoin spending, thus reducing volatility and preserving predictable value.

With a switch to Credit Mode, the card uses crypto holdings as collateral through a Collateral Debt Position (CDP). This mode, designed for crypto enthusiasts, applies DeFi protocols for decentralised lending and borrowing, enabling users to safeguard the appreciation of their assets.

Advantages of the Wirex Dual-Mode Card

The Wirex Dual-Mode Card offers several key benefits. Users can effortlessly switch between Debit and Credit modes, personalising their spending experience based on their preferences and market conditions.

In Credit Mode, users can utilise their crypto assets for spending without triggering a taxable event, a significant advantage in many jurisdictions.

Additionally, the card integrates DeFi to source liquidity in Credit mode, providing faster, efficient, and transparent financial operations, and removing traditional banking systems’ inefficiencies and bottlenecks.

Moreover, users can retain the potential upside of their crypto holdings as these assets are used as collateral instead of being sold.

The Wirex Dual-Mode Card and Account Abstraction

Taking innovation a step further, the Wirex Dual-Mode Card connects with the Account Abstraction (AA) balance on the Wirex App Chain, offering remarkable benefits.

Linking the card to the AA balance gives users direct control over their funds, eliminating intermediaries and ensuring swift, transparent, and efficient transactions.

It also eliminates third-party risk, often associated with traditional financial systems, giving users complete control and security over their funds.

Whether an individual user or an enterprise, the connection to the AA balance provides full autonomy over funds. Users can manage, spend and secure their assets confidently.

Finally, connecting to the AA balance enhances the card’s DeFi capabilities. Users can tap into the vast potential of decentralised finance, enjoying benefits like yield farming, liquidity mining, and more, while maintaining direct control over their assets.

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