LONDON, Jan. 24, 2024 /PRNewswire/ -- Wirex, a leading Web3 money app, is proud to announce the integration of Liquity's LUSD and LQTY tokens, expanding its comprehensive selection of supported cryptocurrencies.
Users can now seamlessly engage in buying, selling, and utilising Liquity tokens for everyday transactions with 50 million merchants in 200+ countries through the Wirex app.
Liquity, a decentralised borrowing protocol, empowers users to access interest-free loans by leveraging Ether as collateral. The loans are issued in LUSD, a decentralised stablecoin pegged to the USD that is collateralised by ETH. The protocol has achieved a significant milestone, marking 1 000 days since the deployment of its smart contracts on the Ethereum mainnet. Over these 1000 days, the protocol has issued over $4.7 billion in loans and currently has a TVL of $700M. These loans are co-secured by a Stability Pool containing LUSD and by fellow borrowers collectively acting as guarantors of last resort. Liquity as a protocol is non-custodial, non-upgradable, and governance-free.
Notably, the immutable nature of these contracts has ensured stability, coupled with an impeccable security track record since inception. LUSD stands out as a reliable and secure stablecoin, and has been rated as the safest stablecoin to hold by stablecoin ratings agency BlueChip.
"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," said Pavel Matveev, CEO & Co-founder of Wirex.
Sam Lekhak, Head of Growth at Liquity, commented: "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, allowing them to leverage their LUSD and LQTY tokens effortlessly for everyday transactions. Beyond simple buying and selling, Wirex offers a suite of features including Cryptoback™ to enhance the overall user experience.
About Wirex
Wirex, a global leader in digital payments, revolutionised the financial landscape in 2015 with the introduction of the first crypto-enabled card.
As a Visa and Mastercard principal member, Wirex serves over 6 million customers across 130 countries, offering secure accounts for seamless storage, purchase, and exchange of multiple currencies.
Expanding beyond traditional offerings, Wirex embraces Web3 trends, providing mainstream access to DeFi and wealth management. With $20 billion in transactions processed, Wirex aims to drive the mass adoption of a cashless society by facilitating easy crypto and traditional currency transactions worldwide.
Founded in 2014 by Pavel Matveev and Dmitry Lazarichev, Wirex strives to make cryptocurrencies accessible for everyone, with a presence in London and offices globally.
For more information, please contact:
E-mail: press@wirexapp.com
Tel: +380 66 618 61 91
About Liquity
Liquity is a decentralised borrowing protocol that allows you to draw 0% interest loans against Ether used as collateral. Loans are paid out in LUSD - a USD pegged stablecoin, and is only backed by Ether. Liquity has been live since April 2021, and has issues over $4.5B in loans (in LUSD) to date.
Liquity 's main benefits to users are
- Interest free borrowing: 0% interest rate
- Capital efficiency: Users can borrow at a loan to value of 91%
- Governance free - all operations are algorithmic and fully automated
- No counterparty risk - LUSD is only backed by Ether, and no centralized collateral. There is no counterparty risk.
- Directly redeemable - LUSD can be redeemed at face value for the underlying collateral, always
- Non-upgradeable - The smart contracts of Liquity can never be altered, they are immutable
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SOURCE Wirex
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