Spurred by frenetic activity in the crypto markets during the COVID lockdowns, it surged to $248 billion by November 2021 – a phenomenal 350x rise in a matter of 22 months.īy 2022, the crypto bull run had run its course and the entire market was hit hard by a crypto winter. The total value locked (TVL) in DeFi protocols was under $1 billion in January 2020. The data from the last three years seems to validate this. With centralized finance, a bank or financial institution usually sits in the middle to manage the money with decentralized finance, it is done peer-to-peer, using blockchain technology.ĭeFi is one of the biggest trends in the blockchain industry, as many believe it will overtake traditional finance. ©2023 Wirex Digital D.o.o (CRN 78679748084), whose registered office is Slavonska avenija 1C, Zagreb Croatia.Decentralized finance (DeFi) refers to websites that offer “decentralized” financial tools and services such as investing, borrowing, lending, trading, tokenized real estate and insurance. UAB Payrnet is authorised by the Bank of Lithuania (Authorisation Code LB001994) as an e-money institution. The Bank of Lithuania Deposit Insurance System does not apply to the cryptoasset activities carried on by UAB Wirex. Cryptoasset services are not provided by UAB Wirex. 13 – 91, Vilnius, Lithuania. UAB Wirex is an authorised distributor of UAB Payrnet (CRN 305264430), whose registered address is Girulių g. ©2023 UAB Wirex (Registration Number: 305118023) whose registered office is Perkūnkiemio g. 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. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Wirex Limited. ©2023 Wirex Limited (CRN 09334596), whose registered office is 9th Floor, 107 Cheapside, London, EC2V 6DN, United Kingdom. ** Earnings apply to fiat converted to stablecoins. * Not available for purchase for Wirex customers based in UK and Singapore. Over the coming months, Wirex will continue to develop the list of tokens on offer and release new features for X-Accounts. The rollout of tokens from leading DeFi projects, as well as the incredible popularity of X-Accounts has cemented our position as a market-leader, and we hope to continue to innovate to ensure our commitment to the digital economy.” “Democratising access to crypto, and now DeFi, has always been at the heart of Wirex, and no better has this been demonstrated by the huge excitement of our customers over the last few months. Pavel Matveev, CEO and Co-Founder of Wirex, said that: Unprecedented when compared to competitors and high-street banks, X-Accounts offer users the ability to earn up to 16% interest** back and demonstrates the staggering demand for next-generation DeFi services. We’re on a mission to offer one of the world’s most accessible interest-paying accounts ever, and have already seen nearly $10 million worth of funds stored in across more than 9,000 accounts, which continues to grow at an astronomical rate. Since then, we’ve made headlines globally after releasing our game-changing X-Accounts. These 15 join the other DeFi coins that were added in May: Since 7th June, we’ve added 15 tokens from some of the most popular DeFi players*. With an explosion of interest in the decentralised finance (DeFi) space in recent years, we’ve sought to develop our product to give nearly 4 million customers worldwide the ability to take advantage of this. Today we’re marking the milestone of adding 15 new coins to our platform as well as celebrating the success of X-Accounts, which now have over $10 million worth of funds secured in them! It’s been a busy couple of weeks for Wirex.
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