Wirex WXT Token Launches with Emphasis on User Rewards Rather than Fundraising Method
Many private firms have launched their own native tokens for a number of reasons such as giving their customers access to certain services and as a means of fundraising through ICOs and so on.
Everyone from cryptocurrency exchanges such as Binance who launched their native BNB token to large banks such as JPMorgan announcing their own JPM coin this year, it seems many firms are seeing the benefits of getting in on the cryptocurrency game and are launching their own tokens.
The latest of these is Wirex who announced on June 10, 2019, that they will be launching the Wirex native WXT coin which is their first native cryptocurrency. Wirex is a crypto and fiat payments platform and according to the official statement, the purpose of the coin is that it is is to designed to help users access unique rewards and save on fees.
The New Token
In the official announcement of the Wirex token, it was also stated that the launch would help the company achieve its ultimate goal which is “[democratizing] access to fast, low-cost international remittance and empower retail and corporate customers to use their cryptocurrency in day-to-day life.”
Wirex also launched their own debit card in the past which allows users to make both fiat and crypto payments all in one which has become quite popular with even Coinbase announcing the launch of their own card recently.
According to their CEO Pavel Matveev, “we believe that the nascent token economy will eventually replace conventional fiat currency as the dominant form of payment.”
“The Wirex Token helps us integrate with the payment environment of the future and offer users a convenient, fast, and cost-efficient way to move digital money across borders.”
The WXT tokens themselves will be sold and distributed through an ICO via OkEx’s jumpstart program. The first public sale will take place on June 26, 2019, and during that time only 1 percent of the total WXT token supply will be available to buyers and will also be sold on a first-come-first-serve basis for one cent per token.
In order to be eligible to participate in the sale and purchase tokens, buyers will need to have a verified Wirex account and must make a purchase of at least $25 in WXT with a maximum cap of $10,000.
Most times, when an initial coin offering is held by a company, the end goal is to raise funds but the management of Wirex has stated that this is not their goal in this case.
“Token sales are usually fundraising exercises. This is not Wirex’s top priority, which is why we’re only putting 1% of the total token supply up for sale during the IEO,” a company announcement said. “Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.”
Despite this, an exclusive IEO sale will take place on the wireless platform on June 13, 2019, and during that time two million worth of the token will be sold.
While some customers might have wanted to take advantage of this, the announcement stated that the sale is already overbooked though Wirex is always happy to talk to investors.