Decentralized finance (DeFi) solutions have already proved they are better alternatives to traditional finance, arising from the need for an open, secure and transparent financial system. With DeFi, users can take advantage of lower transaction rates, higher interest rates or an opportunity to diversify investments. Therefore, there are few surprises regarding decentralized finance emerging as an alternative to today’s financial system for these reasons. The bottom line is that while blockchain technology ensures the network’s security, it is at the cost of users’ inconvenience.
Unfortunately, like other promising technologies, the blockchain is prone to challenges that may impact its usage. Before DeFi hits mainstream adoption, several rather cumbersome barriers to entry have made it difficult for the average user to embrace it. First, and foremost it is hard for people to trust an unregulated, open-source code. While the traditional finance system requires proper licenses and regulators, the same requirements don’t always exist in the DeFi space, adding to the potential risk users must take on.
Additionally, others find the user interface of these technologies to be too complicated, making understanding these protocols a skill that few can master. One of the reasons is the need for non-custodial wallets to connect to a DeFi app, which requires several steps. This also introduces concerns around users who may lose their keys or passwords or have them stolen since there may be no way to get these funds back. As of right now, many believe DeFi is currently targeted towards those who are crypto insiders, in other words, those who have been in the industry for a while have extensive knowledge of the space and have adequate funds to experiment with innovations as they arise.
Wirex aims to bring users to DeFi without difficulty. To do so, the platform aims to democratize crypto by building a bridge between DeFi and traditional financial infrastructure, thereby addressing many concerns preventing mainstream adoption today. The team behind Wirex continues to actively seek out licenses where they exist and maintain a high standard of compliance and security where they don’t. By doing so, the team can lead by example for the rest of the cryptocurrency space.
The roadmap for mainstream usage
The Wirex platform leverages a robust technology on the back end to ensure that customers have complete security, displayed in features that make it easier for users to access DeFi. Among them is their new savings feature, X-Accounts. Users can unlock additional benefits such as up to 16% interest back on cryptocurrency and fiat funds with X-Accounts.*
DeFi and yield farming processes are further simplified, with user experience being among the team’s top priorities. Opening an X-Account will give users instant access, with no minimum holdings required and no maintenance fees.
More importantly, Wirex has maintained a long-standing reputation for upholding and prioritizing customers’ safety and security – reassuring customers that their funds are safe.
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Last year only, Wirex became a crypto-native principal member of both Visa and Mastercard — a highly respected achievement for fintech companies.
Pavel Matveev, the CEO and Co-Founder of Wirex, shares that their “mission has always been to empower anyone to have access to the benefits of the digital economy, and we have looked to expand this into the DeFi sector with the launch of X-Accounts,” which has resulted in “over 55,000 accounts opened.” Pavel concludes, “we can only anticipate further exponential growth as we release new features for our customers.”
Continued plans for growth
The team doesn’t plan to stop there. By the end of the year, the team also has plans to roll out their products to the United States, providing Americans with the ability to buy, hold, trade and sell cryptocurrencies or spend them anywhere that accepts Visa.
These growth plans are in conjunction with a continuous focus on user interface development, where several new features will enhance their existing mobile app. The intent is to give users more market information and greater choice in how to manage their trades, making them the go-to digital payments platform.
* Earnings apply to fiat or crypto converted to stablecoins. Subject to T&Cs
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