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Visa Grants Principal Membership To Crypto Payments Platform Wirex

As a part of a long-term partnership, which is focused on over 3 million customers in APAC and EEA countries, it was announced that Wirex has been admitted to the Visa European network as a Member. The business allows its customers world-wide exchanges between cryptocurrency and fiat currencies.

Wirex CEO and Co-founder Pavel Matveev said: “This has been our key aim of uniting the conventional and digital economies and working with trustworthy global payment companies like Visa enables it to be achieved transparently and cost-effectively. The key membership is not an easy feat and would offer many chances for a groundbreaking product to be created again.

 

As a client, Wirex is the second crypto firm to become a partner of this kind after Coinbase, but the London based company does not equate this with the first payment giant.

On 20 July 2020, the company has joined forces with Mastercard in obtaining directly a leading membership to issue cryptocurrencies and fiat cards.

The new Wirex figures reveal that the number of crypto exchanges on the site has risen by 271 percent relative to December 2019. The CEO and co-founder of Wirex, Pavel Matveev, claims that achieving the key membership from Visa would pave the way for the creation of a “revolutionary product.” The customer has already released its first crypto-enabled debit card in 2014.

Even Wirex sets the field for landing on the United States market as a similar currency visa card is about to be launched. Wirex is not the only supplier of encrypted Bitcoin based cards as exchanges like Binance and Coinbase sell such pro cards.

Furthermore, Wirex CEO, co-founder and CEO Pavel Matveev is of the opinion that this achievement of Visa’s principal membership gives more space for “a revolutionary product” to continue growing.

Even Wirex sets the field for landing on the United States market as a similar currency visa card is about to be launched. Wirex is not, though, the only organisation that issues cryptographic Bitcoin-based cards because of the exchanges such as Binance and Coinbase.

The Visa Director and Head of Cryptocurrencies Cuy Sheffield continued that “digital currencies have an ability to expand the value of digital payments to more citizens.”We are very pleased to work with innovative Fintechs like Wirex to make digital currencies useable by their customers at over 61 million Visa traders.”

Wirex also revealed its first crowd funding to raise £1m. In order to invest before expanding in the coming months, the company is expected to deliver its clients. Wirex said people might pre-register for the company’s investments.

Wirex states that more than three million individuals in the EEA and APAC countries are provided with its services, and research has revealed the continued growth in the use of crypto. When Cuy Sheffield, Senior Director and Head of the Visa Section, spoke on the status of Wirex’s leading member:

‘The appeal of digital transfers will be improved for a wider range of individuals and locations by the digital currencies. We look forward to partnering with creative Fintechs like Wirex and enabling its customers to use digital currencies in the Visa network with more than 61 million traders.”