Renowned crypto-friendly payments app Wirex is planning to launch DeFi [Decentralized Finance] to a mass audience.
Within an official announcement today on Wednesday, Wirex revealed the launching of X-Accounts, a new service that gives users the prospect to earn up to 10% interest on crypto holdings and 16% on fiat funds, within a collaboration with custody and infrastructure firm Fireblocks.
Enterprises with a taste for cryptocurrency are clearly interested in the rapidly moving DeFi ecosystem with its steroid-enhanced yield potential. Behind its hassle-free custodial platform, Wirex is tapping DeFi majors Aave, Uniswap, MakerDAO, and 1inch.
Users can earn passive income from DeFi, by providing liquidity to platforms like Uniswap as well as lending on Aave, outlined Wirex CEO Pavel Matveev, adding that his mum could use the service.
“The income you’ll generate with DeFi pools and lending is far over the centralized model where you employ institutional lenders to get interested,” explained Matveev. “The other way people earn in DeFi is by yield farming, but that’s outside our risk appetite and not suitable for this product.”
In terms of risk, the new collaboration with Fireblocks will give Wirex up to $30 Mln insurance on digital assets for its DeFi service, Matveev added.
“Maximizing digital asset security is extremely vital with this level of operational scale and efficiency, especially when it involves DeFi,” Fireblocks CEO Michael Shaulov revealed within an official statement.