Wirex Makes Crypto Payments Widely AvailableA borderless payment platform - spend and exchange crypto & traditional currency. Wirex announced on January 9, 2018 the termination of service of prepaid debit cryptocurrency cards by gibralatrsky company WaveCrest in connection with the requirement of Visa As WaveCrest acted as the card issuer of Wirex, this event led to the temporary termination of their work.
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.
By uniting conventional payment infrastructure such as Swift, SEPA and Faster Payments with unrestricted access to interbank and Over-The-Counter (OTC) exchange rates, Wirex empowers people to spend, exchange and transfer their money with freedom and flexibility.
As we were not too familiar with how Wirex card worked, Amelie continued: Wirex provides an account with both traditional currencies and cryptocurrencies linked to a Visa card, this is great as it allows to convert and spend cryptocurrency wherever Visa is accepted”.
Back in early 2018, tragedy struck the crypto card business when WaveCrest, the card issuer of multiple companies, got its Visa license revoked, which meant that multiple crypto card companies received direct orders from Visa to close all accounts of their prepaid Visa debit card programs.
On the subject of the safety of the Wirex card, it is worth mentioning Wirex operates under an e-money license of the UK Financial Conduct Authority, which guarantees their payment cards count on standard VBV protection, typical to Visa cards. Wirex is a provider of cryptocurrency wallets linked to physical and virtual Visa debit cards, as well as cryptocurrency and traditional currency exchange and payment solutions.
And compared to traditional banks, the fees are almost insignificant. It also states that Nexo is the only insured account in which you can borrow from over 45 fiat currencies. It is even branded by Visa, which means that all fiat transactions are processed across the Visa network and protected in the same way Visa credit card transactions are protected.
The company recently made headlines when one of its issuers, WaveCrest, was removed from the Visa network due to lack of compliance with Visa's polices, the card provider said. Last year, Ohio partnered with cryptocurrency company BitPay, and the state became first in the U.S. to allow businesses to pay their corporate taxes in bitcoin.
Wirex has an innovative concept for the financial cryptocurrency world - it creates a bridge between Bitcoin and everyday life. To ensure that these opportunities can be explored to their fullest, illicit activity in cryptocurrencies must be identified to prevent criminals from undermining the trust that is so essential to any system.