TL;DR
• Proposal to whitelist WXT.
• Proposed co-investment is 200,000 BNT.
• There are no apparent security concerns that would prohibit whitelist status.
• There is no reason to doubt the legitimacy of the Wirex project.
• The benefit to Bancor is clear with potential for wider cooperation.
WXT token address:
ERC-20 version (20% if total supply – for this proposal):
0xa02120696c7b8fe16c09c749e4598819b2b0e915
Stellar version (80% of total supply – for general information):
WXT-GASBLVHS5FOABSDNW5SPPH3QRJYXY5JHA2AOA2QHH2FJLZBRXSG4SWXT
Project Website: https://wirexapp.com/
Safety & Security
WXT token supply is fixed at 10,000,000,000, of which 4,200,500,000 are in current circulation.
As for the project itself, we take security very seriously and use sophisticated and resilient technology to ensure customer’s money is safe with Wirex:
- Licenced and regulated platform
- Comply with regulatory frameworks and actively seek out licencing requirements
- Endeavouring to lead by example in the sector and apply ‘gold-plated’ standards where regulations don’t exist yet
- Our infrastructure is independently audited and tested on a regular basis (see more detail below), and are PCI DSS Level-1 certified, the highest level possible
- Partnered with regulated card issuers, to utilise the Europay Mastercard & Visa (EMV) standard that increases card security
- Use a risk-engine tool to track fraudulent card transactions and unauthorised access, including automated KYC processes
- 3D secure enrolment to protect online and offline transactions
- Multisig security model on wallets, using access keys stored in multiple locations
- Two-factor authentication (2FA) to address the issue of password vulnerability
- A dedicated Customer Support team on hand to help with 24/7 in-app live chat
- Keep documents and sensitive data for-your-eyes only using TLS and 256-bit AES encryption technology
Company
Wirex is a digital payment platform with a mission - to make crypto and traditional currencies equal and accessible to everyone.
We’re making fintech simple. Our innovative mobile app and next-gen Wirex card lets you buy, store, exchange and spend a wide variety of conventional and digital currencies quickly and securely, with no hidden fees and zero fuss.
With nearly 3.5 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and crypto currencies in more than 61 million locations around the world using the Wirex card.
Simply paying with Wirex card anywhere Visa/Mastercard are accepted, you discover a world where every purchase earns them Cryptoback™ rewards - and using cryptocurrency in real life becomes as easy as tapping your Wirex card.
Unlike many competitors (or wannabe-competitors) busy with loud announcements and promises, we have been consistently launching and delivering innovative offerings in a fully compliant manner for many years:
- we were the first company to actually launch a crypto-enabled debit card at scale back in 2015
- we have been a regulated financial institution since 2018, being one of the handful of crypto companies holding an e-money license from UK FCA
- we are the only crypto company in the world to have been granted principal membership with both Mastercard and Visa
- we have just launched a new product called X-Accounts, which allows customers to earn unprecedented levels of interest on both fiat and crypto funds when compared to competitors and high-street banks. Avoiding the expensive fees and complicated processes often associated with DeFi and yield farming, users will have the ultimate control over their funds, with instant access, no minimum holdings and no maintenance fees for each pot.
A more detailed summary of the main milestones can be found here.
Tokenomics
The Wirex Token (WXT) is a unique multi-blockchain cryptocurrency that powers the X-tras rewards programme. WXT is built on both the Stellar Network and Ethereum blockchain for maximum speed, efficiency and flexibility. WXT is designed to both help reward Wirex customers for their loyalty and integrate the platform with the new generation of decentralised finance (DeFi) ecosystems. Wirex customers can earn up to 4% back in WXT every time they use their Wirex cards in-store or online, or up to 12% annually on the balance of their WXT accounts with the Savings Bonus feature.
In May 2021 20% of the total supply was migrated from Stellar to Ethereum blockchain.
Total supply of WXT = 10 billion WXT (no change)
Stellar supply of WXT = 8 billion WXT (6 billion locked + 2 billion circulating)
Ethereum supply of WXT = 2 billion WXT
More on migration of part of the token supply to Ethereum here.
More detail on the token can be found in the whitepaper.
Community and Communication
Wirex runs official accounts on various social media and forums, including:
https://www.facebook.com/wirexapp/
https://twitter.com/wirexapp
https://community.wirexapp.com/ (we used to have a channel on Telegram, but decided to close it and set up our own forum due to the lack of tools to control scammers and fraudsters on Telegram)
Wirex – Medium
Login • Instagram
https://www.youtube.com/channel/UCAI8wK4Z9vxYM08lp3C7d_A
https://www.linkedin.com/company/wirex-limited
Wirex Limited’s (CRN 09334596) registered office is 9th Floor, 107 Cheapside, London, EC2V 6DN, United Kingdom.
Wirex Limited is authorised by the Financial Conduct Authority (FRN: 902025) under the Electronic Money Regulations 2017 for the issuing of electronic fiat money and payment instruments.
Contacts:
• PRESS ENQUIRIES: press@wirexapp.com
• PARTNERSHIP ENQUIRIES: partners@wirexapp.com
• AFFILIATE ENQUIRIES: affiliates@wirexapp.com
• MARKETING ENQUIRIES: marketing@wirexapp.com
• CUSTOMER SUPPORT: Submit a request
Team
Wirex are proud to have spent the last six years building a truly talented, international team.
We are based in London with offices in Singapore, Kyiv, Tokyo, Toronto, Dallas, Dublin and Atlanta. With expansion into new territories imminent, we expect the number of locations to grow.
The company employs 300 highly-skilled and dedicated staff who deliver new products and upgrades quickly and efficiently to ensure that Wirex continues to provide a world-class product.
Our in-house team also consists of diligent Marketing, Compliance, Finance, Product, Legal, Customer Support and HR staff to ensure that Wirex provides cutting-edge services for our nearly 3.5 million users.
Pavel Matveev, co-founder and co-CEO.
Leverages 15 years of experience in software development and IT management from his previous work at Barclays Capital, Morgan Stanley, BNP Paribas and Credit Suisse.
He is seen as a leading figure in the arena of mass adoption for cryptocurrencies and is a highly sought-after speaker at blockchain and payments conferences around the world. He has published numerous articles in key international publications and spoken at various blockchain and payments conferences around the world.
Dmitry Lazarichev, co-founder and co-CEO
Has been an integral force in the rapid growth of the company. He has 20 years’ worth of experience as a financial adviser across international projects in the finance, oil, gas and real estate industries, and is a serial entrepreneur.
He holds an Executive MBA from London CASS Business School and a Bachelor of Economics and Management.
He is seen as a significant voice in the crypto and blockchain arena and is a high-profile evangelist for the development of the digital economy.
Other key team members include:
Michael Moore, Chief Compliance Officer
20+ years in Compliance and Financial Services.
Previously at Paysafe, Standard Bank and Royal Bank of Scotland
Martin Best, Chief Markeing Officer
15+ years in Marketing and Strategy
C-level marketing roles within Fintech (WorldRemit) and Consumer Goods (Carlsberg) across multiple markets & regions
Harold Montgomery, Managing Director in USA
30+ years in Financial Services industries leading growth companies
USA and International
Six growth companies led to exit
Public and Private leadership roles as CEO
Stanford BA and MBA
Dominique Simon, Global General Counsel
5+ years in Legal & Compliance
JD University of Richmond
LLM Queen Mary University of London
U.S. Licensed Attorney
International Class Action Interchange Fees Litigation
Previously represented major financial institutions in regulatory actions
Humzah Amin, Head of Finance
5+ years in Auditing and Finance
ACA Charterholder
Previously at MHA MacIntyre Hudson, main clients advised were Dolce & Gabbana and Arcadia Trading
Partnerships and Integrations
Whether it is contributing to Stellar Foundation’s mission to become a new global payment standard or helping MakerDAO bridge their groundbreaking DeFi project with traditional finance infrastructure, we build relationships that last for years and engage in joint projects to shape the industry, creating real value for real users.
Wirex has become the first crypto company in the world to obtain principal membership with both Mastercard and Visa.
The overall number of partnerships with both traditional and crypto-native companies is in the hundreds, and include leading banks, exchanges, institutional OTC desks and FX brokers, card issuers/acquirers/processors/manufacturers, compliance providers, blockchain projects – the list goes on.
As the first step of the partnership with Bancor, we have recently added support for BNT token on Wirex, giving it an easy and convenient fiat on/off-ramp and ability to instantly spend it using Wirex cards – anywhere Matercard/Visa are accepted. At the moment it is only trading on the platform, but external deposits and withdrawal will also be enabled soon, pending the necessary due diligence checks by the compliance team.
In addition to the ability for existing BNT token holders to spend it in the real world, adding the token on Wirex will give it exposure to our global user base (total registered users are at 3.5M+ at the moment)
Available Audits
Wirex Token has been audited in May 2021 by CertiK:
Full report available on request (can’t see a way to upload a .pdf here)
Wirex as a company and particular business functions and processes are regularly assessed by reputable auditors and regulators:
• Licensed by the UK FCA as e-money institution with every aspect of the business assessed and audited, from IT to finance, to compliance, ect.
• PCI DSS Level-1 certified (highest level possible) – regularly audited by Kyte Consultants
• Regular financial audits by Buzzacott (2018, 2019, 2020)
• Regular AML compliance audits by fscom (2019, 2020)
Reports available upon request (may require an NDA - note the difference between open source projects and audits vs regulated financial institution with more ‘traditional’ auditors involved).
Market and Trading Data
• Wirex Token’s price at the time of writing is $0.0045
• All-time high: $0.0371 (18 April 2021)
• All-time low: $0.0034 (17 November 2020)
• Price 90 days ago: $0.0118
• 4,200,500,000 tokens in circulation
• 10,000,000,000 maximum supply
• The current market capitalization is $18,438,967
• WXT token is available on a number of major centralised exchanges, including Huobi, OKEx, KuCoin, Gate.io, EXMO as well as a few Ethereum and Stellar DEX’s, such as 1inch, Uniswap, StellarX, Stellarport, Stellarterm, etc.
• The 24-hour spot volumes range from $0.5-1M (Huobi) to $10,402,360 (1inch Liquidiy pool) – not including minor exchanges.
Benefits for Bancor:
- At the time of writing, this would be the largest pool with WXT, second only to the one on 1inch (1inch - DeFi / DEX aggregator on Ethereum, Polygon and Binance Smart Chain) expiring in July 2021.
- As the first step towards the fruitful partnership, BNT token has already been added on Wirex, offering it an easy and convenient fiat on/off-ramp and ability to instantly spend it using Wirex cards – anywhere Matercard/Visa are accepted. At the moment it is only trading on the platform, but external deposits and withdrawal will also be enabled soon, subject to the necessary due diligence checks by the compliance team.
- In addition to the ability for existing BNT token holders to spend it in the real world, adding the token on Wirex will give it exposure to our global user base (total registered users are at 3.5M+ at the moment)
- Part of WXT token supply migrated to Ethereum blockchain only recently, the number of centralised and decentralised exchanges supporting the ERC-20 version is very limited at the moment, so we will be happy to direct existing users to Bancor and run mutual marketing campaigns both for BNT on Wirex and WXT in liquidity pool(s) on Bancor
Voter Incentives
We could offer:
- A month (or two) of free subscription to Wirex premium accounts
- Limited edition Wirex branded NFT’s from Terra Virtua
Thank you for your attention!
