Why we postponed the WXT pre-sale

Pavel Matveev
Jun 13, 2019 · 2 min read

You’ve probably already heard that our exclusive WXT pre-sale has been postponed.

My intention for the presale was to give verified Wirex customers an opportunity to get their hands on the Wirex Token before anyone else — our way of saying thanks for the support and loyalty.

Unfortunately, we ran the numbers and discovered that the WXT allocated for the pre-sale (2% of total supply) was due to sell out extremely quickly to a relatively small group of people. Don’t get me wrong, this is great news for Wirex — but it runs contrary to the reasons why we conceived WXT in the first place. We didn’t create the Wirex Token to provoke a buying frenzy; we created it so that all of our customers have equal access to unique benefits like reduced fees and super-charged rewards.

To make sure that everyone can benefit from owning WXT, we’ve decided to allocate tokens based on interest. This ensures that the 200,000,000 Wirex Tokens available during the pre-sale aren’t immediately snapped up by a few big parties.

To everyone who was expecting to purchase WXT in today’s pre-sale, I’m very sorry for the inconvenience. However, like so many setbacks, this one has a silver lining in that it allows us to address several issues that have emerged in the run-up:

  • Late notice

After we announced the Wirex Token IEO and pre-sale on Monday, lots of people got in touch to complain about the short notice. In many cases, customers felt they were not given enough time to prepare. This short delay means that all interested parties have enough time to assemble the funds to take part, whether it’s exchanging cryptocurrencies, making bank transfers or topping-up accounts with a credit/debit card.

  • Confusion

At the same time, some people expressed confusion about WXT and its purpose. Is it an asset? Is it a fundraising exercise? The reality is, it’s neither. WXT is a utility token designed for use on the Wirex platform and third-party exchanges. Its purpose is twofold: to prepare us for the inevitable adoption of a token economy and to reward our loyal customers with exclusive benefits they cannot get anywhere else.

You can register your interest to take part in the WXT pre-sale using this link bit.ly/wxtpresale. We’ll calculate WXT allocations based on people’s interest in owning the token, helping spread the pre-sale supply more fairly and evenly. The value of WXT will stay locked at $0.01 for every verified Wirex customer who registers their interest, so it’s still a great opportunity to secure your Wirex Tokens at a fixed price before the IEO (initial exchange offering) on the 26th of June.

WXT is the future of Wirex; we look forward to sharing it with you.

Wirex

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