Proposal: whitelist WXT - 200K BNT co-investment

Read the full proposal on Discourse

TL;DR • Proposal to whitelist WXT. • Proposed co-investment is 200,000 BNT. • There are no apparent security concerns that would prohibit whitelist status. • There is no reason to doubt the legitimacy of the Wirex project. • The benefit to Bancor is clear with potential for wider cooperation.

WXT token address: ERC-20 version (20% if total supply – for this proposal): 0xa02120696c7b8fe16c09c749e4598819b2b0e915 Stellar version (80% of total supply – for general information): WXT-GASBLVHS5FOABSDNW5SPPH3QRJYXY5JHA2AOA2QHH2FJLZBRXSG4SWXT

Project Website: https://wirexapp.com/

Safety & Security WXT token supply is fixed at 10,000,000,000, of which 4,200,500,000 are in current circulation.

As for the project itself, we take security very seriously and use sophisticated and resilient technology to ensure customer’s money is safe with Wirex:

• Licenced and regulated platform
• Comply with regulatory frameworks and actively seek out licencing requirements
• Endeavouring to lead by example in the sector and apply ‘gold-plated’ standards where regulations don’t exist yet
• Our infrastructure is independently audited and tested on a regular basis (see more detail below), and are PCI DSS Level-1 certified, the highest level possible
• Partnered with regulated card issuers, to utilise the Europay Mastercard & Visa (EMV) standard that increases card security
• Use a risk-engine tool to track fraudulent card transactions and unauthorised access, including automated KYC processes
• 3D secure enrolment to protect online and offline transactions
• Multisig security model on wallets, using access keys stored in multiple locations
• Two-factor authentication (2FA) to address the issue of password vulnerability
• A dedicated Customer Support team on hand to help with 24/7 in-app live chat
• Keep documents and sensitive data for-your-eyes only using TLS and 256-bit AES encryption technology

Company Wirex is a digital payment platform with a mission - to make crypto and traditional currencies equal and accessible to everyone.

We’re making fintech simple. Our innovative mobile app and next-gen Wirex card lets you buy, store, exchange and spend a wide variety of conventional and digital currencies quickly and securely, with no hidden fees and zero fuss.

With nearly 3.5 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and crypto currencies in more than 61 million locations around the world using the Wirex card.

Simply paying with Wirex card anywhere Visa/Mastercard are accepted, you discover a world where every purchase earns them Cryptoback™ rewards - and using cryptocurrency in real life becomes as easy as tapping your Wirex card.

Tokenomics The Wirex Token (WXT) is a unique multi-blockchain cryptocurrency that powers the X-tras rewards programme. WXT is built on both the Stellar Network and Ethereum blockchain for maximum speed, efficiency and flexibility. WXT is designed to both help reward Wirex customers for their loyalty and integrate the platform with the new generation of decentralised finance (DeFi) ecosystems. Wirex customers can earn up to 4% back in WXT every time they use their Wirex cards in-store or online, or up to 12% annually on the balance of their WXT accounts with the Savings Bonus feature.

In May 2021 20% of the total supply was migrated from Stellar to Ethereum blockchain.

Total supply of WXT = 10 billion WXT (no change) Stellar supply of WXT = 8 billion WXT (6 billion locked + 2 billion circulating) Ethereum supply of WXT = 2 billion WXT

More on migration of part of the token supply to Ethereum here.

More detail on the token can be found in the whitepaper.

Community and Communication Wirex runs official accounts on various social media and forums, including: https://www.facebook.com/wirexapp/ https://twitter.com/wirexapp https://community.wirexapp.com/ (we used to have a channel on Telegram, but decided to close it and set up our own forum due to the lack of tools to control scammers and fraudsters on Telegram) https://medium.com/wirex https://www.instagram.com/wirexapp/ https://www.youtube.com/channel/UCAI8wK4Z9vxYM08lp3C7d_A https://www.linkedin.com/company/wirex-limited

Wirex Limited’s (CRN 09334596) registered office is 9th Floor, 107 Cheapside, London, EC2V 6DN, United Kingdom. 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.

Contacts: • PRESS ENQUIRIES: press@wirexapp.com • PARTNERSHIP ENQUIRIES: partners@wirexapp.com • AFFILIATE ENQUIRIES: affiliates@wirexapp.com • MARKETING ENQUIRIES: marketing@wirexapp.com • CUSTOMER SUPPORT: Submit a request

Partnerships and Integrations Whether it is contributing to Stellar Foundation’s mission to become a new global payment standard or helping MakerDAO bridge their groundbreaking DeFi project with traditional finance infrastructure, we build relationships that last for years and engage in joint projects to shape the industry, creating real value for real users.

Wirex has become the first crypto company in the world to obtain principal membership with both Mastercard and Visa. The overall number of partnerships with both traditional and crypto-native companies is in the hundreds, and include leading banks, exchanges, institutional OTC desks and FX brokers, card issuers/acquirers/processors/manufacturers, compliance providers, blockchain projects – the list goes on.

As the first step of the partnership with Bancor, we have recently added support for BNT token on Wirex, giving it an easy and convenient fiat on/off-ramp and ability to instantly spend it using Wirex cards – anywhere Matercard/Visa are accepted. At the moment it is only trading on the platform, but external deposits and withdrawal will also be enabled soon, pending the necessary due diligence checks by the compliance team. In addition to the ability for existing BNT token holders to spend it in the real world, adding the token on Wirex will give it exposure to our global user base (total registered users are at 3.5M+ at the moment)

Available Audits Wirex Token has been audited in May 2021 by CertiK:

Full report available on request (can’t see a way to upload a .pdf here)

Wirex as a company and particular business functions and processes are regularly assessed by reputable auditors and regulators: • Licensed by the UK FCA as e-money institution with every aspect of the business assessed and audited, from IT to finance, to compliance, ect. • PCI DSS Level-1 certified (highest level possible) – regularly audited by Kyte Consultants • Regular financial audits by Buzzacott (2018, 2019, 2020) • Regular AML compliance audits by fscom (2019, 2020)

Reports available upon request (may require an NDA - note the difference between open source projects and audits vs regulated financial institution with more 'traditional' auditors involved).

Market and Trading Data

• Wirex Token’s price at the time of writing is $0.0045 • All-time high: $0.0371 (18 April 2021) • All-time low: $0.0034 (17 November 2020) • Price 90 days ago: $0.0118 • 4,200,500,000 tokens in circulation • 10,000,000,000 maximum supply • The current market capitalization is $18,438,967 • WXT token is available on a number of major centralised exchanges, including Huobi, OKEx, KuCoin, Gate.io, EXMO as well as a few Ethereum and Stellar DEX’s, such as 1inch, Uniswap, StellarX, Stellarport, Stellarterm, etc. • The 24-hour spot volumes range from $0.5-1M (Huobi) to $10,402,360 (1inch Liquidiy pool) – not including minor exchanges.

Benefits for Bancor:

• At the time of writing, this would be the largest pool with WXT, second only to the one on 1inch (https://app.1inch.io/#/1/dao/farming) expiring in July 2021.
• As the first step towards the fruitful partnership, BNT token has already been added on Wirex, offering it an easy and convenient fiat on/off-ramp and ability to instantly spend it using Wirex cards – anywhere Matercard/Visa are accepted. At the moment it is only trading on the platform, but external deposits and withdrawal will also be enabled soon, subject to the necessary due diligence checks by the compliance team.
• In addition to the ability for existing BNT token holders to spend it in the real world, adding the token on Wirex will give it exposure to our global user base (total registered users are at 3.5M+ at the moment)
• Part of WXT token supply migrated to Ethereum blockchain only recently, the number of centralised and decentralised exchanges supporting the ERC-20 version is very limited at the moment, so we will be happy to direct existing users to Bancor and run mutual marketing campaigns both for BNT on Wirex and WXT in liquidity pool(s) on Bancor

Voter Incentives

We could offer:

• A month (or two) of free subscription to Wirex premium accounts
• Limited edition Wirex branded NFT’s from Terra Virtua