Wirex launches Dual-Mode crypto card that combines Traditional Finance and DeFi

Wirex has launched a new Dual-Mode crypto card that combines the system of traditional finance such as fiat currencies or stablecoins and DeFi (or decentralized finance) protocols. 

Users can choose between the two features, remembering that the “credit” one, uses cryptocurrencies as collateral through a collateral debt position (CDP). 

Wirex and the new Dual-Mode crypto card: how do the two features “debit” and “credit” work?

The crypto payments platform Wirex has launched the new Dual-Mode crypto card: a solution that combines the system of traditional finance with decentralized finance (DeFi). 

Basically, the new card offers users the choice of using either the “debit” mode, meaning like a regular debit card that supports fiat currency and stablecoin, or the “credit” mode, and take advantage of DeFi protocols. 

Specifically, the “credit” feature is designed to use cryptocurrencies as collateral, through a collateral debit position (CDP). In this way, crypto-lovers will be able to leverage DeFi for decentralized loans, so as to preserve the appreciation of their assets. 

Alternatively, should users be more inclined toward stable spending in fiat currencies or stablecoins, there is the “debit” option that minimizes volatility and ensures predictable value.

With its new Dual-Mode card, Wirex promises benefits for its users in terms of flexibility, given users’ free choice of the two options, but also in terms of taxation. 

And indeed, the credit mode ensures that users can leverage their cryptocurrency assets for spending without triggering a taxable event, a significant advantage in many jurisdictions. 

Moreover, by leveraging DeFi protocols to raise liquidity, Wirex ensures faster, more efficient and transparent financial transactions, eliminating the inefficiencies and bottlenecks of the traditional banking system. 

Wirex and the new Dual-Mode crypto card as a catalyst for changing the financial landscape

About the new crypto card, Pavel Matveev, CEO and co-founder of Wirex, said: 

“Wirex is proud to present the Dual-Mode Card, a catalyst for change in the financial landscape. It seamlessly integrates traditional and DeFi elements, giving users unparalleled control and flexibility – a true evolution in financial services.”

Wirex Dual-Mode also integrates with the Account Abstraction (AA) balance on the Wirex App Chain, offering additional benefits. 

And in fact, users will be able to have direct control of their funds, without the need for intermediaries, thus eliminating the risk it would pose for any third-party failure points. 

At the same time, this link between the crypto card and Wirex’s AA, gives full autonomy to the users, but also full responsibility of the account owners. 

The Rising Women in Crypto Power List initiative for 2023

Earlier this month, Wirex announced the return of the Rising Women in Crypto Power List initiative for 2023, in partnership with The Cryptonomist. 

This campaign aims to celebrate excellence in the cryptocurrency industry, recognizing the achievements of women leaders but also inspiring younger generations globally to consider the industry as a career path. 

The Power List was launched in 2020 as part of Wirex’s first Women in Crypto campaign. Since then, the Power List has received over 800 applications from more than 50 countries. 

There are 12 winners for this 2023 Power List, plus two additional awards to recognize outstanding talent such as “social media influencer of the year” and “compliance leader of the year.” 

Nominations are open to the public until 6 November 2023, and the 12 winners will be announced by the jury on 27 November 2023.