Today we are excited to announce that Wirex has joined Celer Network’s cBridge in combating vendor lock-in and has adopted the Open Canonical Token Standard for multi-chain bridging! In support of Wirex’s multi-chain strategy, WXT, is now able to be bridged from the Ethereum mainnet to Avalanche and Polygon with cBridge. Users of Wirex as well as Nereus Finance could all benefit from this collaboration. Support for even more bridging integrations is planned and scheduled for the near future.
Wirex is an innovative mobile payment platform that makes using cryptocurrencies and traditional currencies seamless directly from a smartphone. Wirex also provides a secure and non-custodial wallet solution for users accessing different blockchain ecosystems on Ethereum, Avalanche, and Polygon. With the development of Wirex, the need to use WXT tokens across different chains has become inevitable and in high demand from the community.
After a month of calling for the community to push for the mass adoption of the Open Canonical Token Bridging Standard, Celer continues to gain increasing recognition thanks to the community’s consensus on the drawbacks of vendor lock-in bridging. After considering existing bridging solutions, Wirex has chosen to adopt the Open Canonical Token Bridging Standard to avoid binding themselves to a singular bridging solution, allowing different bridges to concurrently serve the project, using the same canonical token for WXT. Thus, Wirex can allocate a mintable cap with its assessment of various bridges’ security levels as well as their performances. With this integration, Wirex now has third-party bridges working for the interests of the project and not the other way around.
cBridge will enable this collaboration and make the user experience a seamless transfer process without the need for any intermediary steps. Also, with a 1:1 mint and swap process, users will experience lower fees and faster finality.
Celer and Wirex will continue to collaborate in the areas of DeFi interoperability, starting with this first step. With cBridge’s generalized message passing SDK release on the horizon, the two teams are discussing the potential of allowing users access to multiple blockchain DeFi ecosystems with a more unified experience, enabling Wirex to be a genuine cross-chain protocol.