Wirex Wallet integrates Stellar Blockchain with support for XLM and USDC

The Stellar blockchain now hosts Wirex, a wallet that does not expose users to risk by storing their private seed sets. Consequently, Stellar’s XLM and USDC are now supported by Wirex Wallet, thanks to the integration. It was deliberate that XLM and USDC were chosen to be the next cryptocurrencies supported by the Wirex Wallet, while XLM is the original token of the Stellar Network, and used to pay for transaction fees on the network, USDC is a stable coin pegged 1:1 to US dollars and has a large market share. Also, the network has over 100 different tokens that users can trade, buy and sell.

Understand Wirex and the relevance of Stellar integration

Wirex is a licensed and regulated global digital payment network. The company introduced the first crypto-enabled payment card in 2015. The card allows users to easily convert between crypto and fiat currencies during transactions.

Wirex and Stellar have been working together for a while now, and as a result they have compiled some insightful studies about the habits of crypto users. Furthermore, the two companies have a common goal of expanding crypto’s reach to the masses. Integration, according to the two companies, will allow Wirex Wallet users to enjoy the benefits of a wider variety of cryptocurrencies in a safe and reliable setting.

The latest update comes after Wirex announced during the Stellar Development Foundationiin’d Meridian event in October 2022 in Rome that they will launch USDC on Stellar on their app. Wirex gives its customers full control over their digital assets using multi-party computation (MPC) without exposing their private keys or seed phrases to the public. Compared to conventional crypto wallets, this architecture has fewer security flaws.

With today’s update, Wirex Wallet now supports nine different blockchains, in addition to the likes of Bitcoin, Ethereum and AVAX. The Wirex custodial app has been downloaded over five million times, giving it a significant user base. The platform’s user interface includes cross-chain exchanges and provides easy access to widely used DeFi protocols as standard features.