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Wirex becomes principal member of Visa in Europe

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Wirex, the prominent payments platform based in London, has received a Visa principal membership in Europe.

As per the announcement, the membership will allow Wirex to issue Visa cards, offer new innovative products, and apply for additional licenses. This announcement comes in a bullish market wherein Bitcoin has been registering new highs. This has also driven institutional interest like that of MicroStrategy to invest in Bitcoin.

Wirex offers its services to over 3 million people across Europe and Asia. It allows the user to convert crypto into fiat and its debit cards are even issued by Visa. The next move for the platform will be in the United States, however, there have been tough scrutiny of crypto-led businesses in the country. However, it has already received its first money transmission license from the Georgia Department of Banking and Finance, as per recent reports.

Wirex has claimed to have experienced a 271% increase in the number of crypto exchanges on its platform compared to last year. Owing to such growth the CEO and Co-Founder of Wirex, said,

“It’s been our core goal to unite the traditional and digital economies, and collaborations with trusted global payments companies such as Visa are making this possible by providing straight and cost-effective solutions for utilising crypto in the everyday. It’s no easy feat to achieve principal membership and will present numerous opportunities to continue developing a revolutionary product.”

While noting the booming crypto market, the Senior Director and Head of Cryptocurrency of Visa, Cuy Sheffield highlighted the potential of digital currencies to extend the value of digital payments to the public and to more regions. Sheffield added:

“We’re excited to work with innovative Fintechs like Wirex and enable their customers to use digital currencies at more than 61 million merchants on the Visa network.”

Additionally, as a part of its Cryptoback scheme, users utilizing the Wirez card for purchase can get a reward of up to 1.5% of the purchased sum in Bitcoin.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.