A Revolutionary Global Payments With WirexWirex is a provider that takes care of storing several cryptocurrencies through wallets, which are directly connected to a free virtual or physical debit card (Wirex Card) that also offers a 0.5% Cryptoback on the purchases made. Wirex is going to use the received investments on development of the company: entry into the new markets, obtaining licenses, improvement of algorithms of security, stabilization of operability of the platform and also improvement of customer service.
Bitcoin, as Euromoney readers know, is very good for certain things that individual banking customers value: for micro-payments or transferring small sums quickly Wirex pay across border without paying hefty fees. These four supported cryptocurrencies can be bought using GBP and stored in a Wirex web-based crypto wallet.
Pavel Matveev was one of the first in the space to realise the potential of cryptocurrency to provide a quicker and more cost-efficient way to send and receive money; Wirex was created to allow people to use this versatile, tokenised currency in day-to-day life and help facilitate its mainstream adoption.
The company launched the world's first Visa card that enables users to convert and spend cryptocurrencies wherever Visa is accepted and now processes digital transactions for more than 2 million users in 130 countries - processing over $2bn of transactions to date.
However, since the release of Bitcoin, more and more people have adopted cryptocurrencies as an additional alternative to paying for things (you can read our guide about shopping with crypto here ). Providing users with a seemingly endless array of options of things that can be purchased with crypto is a determining factor towards the mass adoption of crypto, but the vast amount of options might make it a little bit daunting for people who are not familiar with them.
The partnership follows hot on the heels of the launch of Contis' Buffer Account, and further demonstrates the business' power to drive structural change within the payments ecosystem through the innovative use of its legacy-free banking and payments platform and its ability to process real-time transactions on both UK and SEPA payment ‘rails'.
Anyway, not only does wirex seem to support 50+ cryptos, its app works in real-time with the card hence notifying users immediately about any suspicious activity. Gab moves to BitPay bitcoin payments after Stripe, PayPal and Coinbase cut off payment processing.
It means Bitcoin owners no longer need to go through the rigmarole of trading their coins for fiat currency as the Wirex platform does it all for you at the point of sale. A BTC debit card from Wirex is very similar to a traditional debit card in function. Once logged into your account, you can easily switch between Bitcoin and fiat currency accounts.
It was the first company in the world to bridge the gap between digital money and traditional fiat money by making cryptocurrencies spendable via the Wirex Visa card, i.e. in shops, restaurants, travel or withdraw funds from ATMs. If you are wondering what the Wirex trading platform is like when it comes to buying and selling supported cryptocurrencies, this Wirex trading section will detail all you need to know.