Cryptocurrency payment platform Wirex recently attained a major milestone in the crypto space. Wirex is now a principal member of the Visa company, meaning it now has an increased capacity to carry out Visa-related functions.
Wirex can now Issue Visa Accounts
The payment platform facilitates crypto and fiat transfers around the world. It also allows users to buy, store, and exchange both fiat and crypto from anywhere. With this new membership, Wirex can now give Visa accounts on its own. The firm is also given the authority to process transactions between users. Also, Wirex will be able to request new licenses and launch new products.
Pavel Matveev, CEO, and co-founder of Wirex says the firm has always wanted to incorporate the traditional and digital economies. “Collaborations with trusted global payments companies such as Visa are making this possible,” he said. Matveev explained that this was achieved “by providing straight and cost-effective solutions for utilizing crypto every day.”
Principal Membership will Boost the card 2021 Launch
This principal membership comes right in time for the company’s planned card launch in America. The upcoming card is a multi-currency card that accommodates up to 12 currencies. These currencies, both in traditional money and crypto, will automatically convert currencies into the required currency at a pay point. The currencies included are BTC, ETH, USD, AUSD, LTC, GBP among others.
Not many crypto-related companies are Visa principal members. The London-based platform is the second crypto-related platform to achieve this status. The first firm to do this was a US-based crypto exchange, Coinbase. Notably, Wirex became a Mastercard principal member about 5 months ago.
The principal partnership is not the first time Wirex and Visa would be working together. In 2015, Wirex released a Visa card that made it possible for users to make payments in crypto. This was done by concerning existing user fiat into the particular crypto needed. This Wirex is also noted as being the first crypto payment card and supports up to 20 types of fiat. Wirex has been making significant growth this year and is confident this partnership will support this growth.