- Summary:
- Wirex Wallet and Stelar's integration means that the wallet is now compatible with eight blockchains and avails XLM to over 5 million users.
The Stellar blockchain now hosts Wirex, a non-custodial wallet that does not expose users to risk by storing their private seed phrases. Consequently, Stellar’s XLM and USDC are now supported by Wirex Wallet, thanks to the integration. It was deliberate that XLM and USDC were picked to be the next cryptocurrencies supported by the Wirex Wallet-while XLM is the native token to the Stellar Network, and utilised to pay for transaction fees on the network, USDC is a stablecoin tethered 1:1 to the US dollar and has a large market share. Also, the network has over 100 different tokens that users can trade, buy and sell.
Understanding Wirex and the relevance of Stellar integration
Wirex is a licensed and regulated global digital payment network. The company introduced the first crypto-enabled payment card in 2015. The card allows users to easily convert between crypto and fiat currencies during transactions.
Wirex and Stellar have been working together for some time now , and as a result, they’ve compiled some insightful studies on the habits of crypto users. Furthermore, the two companies have a common objective of expanding crypto’s reach to the masses.Integration, according to the two companies, will allow Wirex Wallet users to enjoy the benefits of a wider variety of cryptocurrencies in a safe and reliable setting.
The latest update comes after Wirex announced during the Stellar Develpment Foundatiin’d Meridian event held in October 2022 in Rome that they will be launching USDC on Stellar on their app. Wirex gives its customers full control over their digital assets by utilizing multi-party computation (MPC) without exposing their private keys or seed phrases to the public. When compared to conventional crypto wallets, this architecture has less security flaws.
With today’s update, the Wirex Wallet now supports nine different blockchains, in addition to the likes of Bitcoin, Ethereum and AVAX. The Wirex custodial app has been downloaded over five million times, giving it a sizeable user base. The platform’s UI incorporates cross-chain swaps and provides easy access to widely used DeFi protocols as standard features.