Leading cryptocurrency platform, Wirex, has secured over 150,000 registrations to its crypto app that launched in the US 6 weeks ago. Linked to a crypto-backed Visa card, Wirex will work with Visa, a world leader in digital payments, to provide a unique set of payment and crypto services that aims to improve the everyday lives of fintech fans and crypto enthusiasts alike.
With a mission of bridging the gap between the traditional and digital economies, the London-based company has a long-standing relationship with Visa. Back in 2015, Wirex launched one of the world’s first crypto-enabled debit cards, allowing consumers to spend crypto in their everyday lives using real-time conversion at point-of-sale. They’ve gone on to develop a crypto rewards programme, Cryptoback™, which allows users to earn up to 8% in X-Points for any purchases made, automatically added to their Wirex account in-app.
With the EEA and APAC regions already bringing in over 5 million customers, Wirex is now looking forward to working with Visa and to bringing these services to a US audience, allowing crypto* to be spent throughout the US, as well as over 80 million merchant locations across the globe.
Wirex’s US product will offer users the ability to buy, hold, exchange and sell US dollars and 37 cryptocurrencies from a single intuitive app. Features include the ability to seamlessly send and receive crypto from external wallets, free domestic and international ATM withdrawals**, no annual fee or exchange fees, near instant crypto transactions, and live transaction notifications, with instant debit card top-up at zero cost. Last week, the company announced that they had enabled on-chain transactions for selected cryptocurrencies, including BTC, LTC and DOGE.
In 2020, Wirex became Visa’s second crypto-native company to be awarded principal membership of Visa in Europe. The company has invested in safety and security, upholding the highest license and regulatory standards where they exist, and using sophisticated and resilient technology such as Visa Secure, Visa’s program for authenticating ecommerce transactions using the EMV 3DS standard.
Harold Montgomery, Managing Director of Wirex USA said: “We’re delighted to tap into Visa’s expertise and global network to bring our award-winning app and card to millions of US customers. Regardless of age, background or experience, we’re endeavouring to enable mainstream users to take advantage of the benefits of crypto in the everyday. Research shows that Americans are demanding easy-to-use, affordable and safe crypto products, and Wirex’s successful launch in the US is already helping to meet these needs.”
“We want to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. We’re excited to work with innovative platforms like Wirex, to make it easy and seamless for consumers to spend from a crypto balance – anywhere Visa is accepted,” said AJ Shanley, VP of Visa Crypto.
Wirex will continue to serve US customers by expanding the products and features available. Over the coming months, they plan to allow users to top-up their card using Plaid and ACH, as well as seamless payments with Apple and Google Pay. For crypto users, there will be new tokens across the Bitcoin, Ethereum and Avalanche blockchains, and level 2 network support for lower gas fees and faster crypto transaction times.
Key Points:
- Mobile app allowing customers to easily and safely buy, store, exchange and sell traditional and digital currencies anytime, anywhere
- On-chain transactions enable crypto to be sent and received from external wallets
- Next-generation technology links the Wirex app to a contactless Visa debit card, allowing these funds to be spent at over 80 million locations globally
- Commission-free trading and zero ATM fees**
- Instant top-ups by linking your debit/credit card
- Ability to earn up to 8% X-Points rewards back for any in-store and online purchases made, with Cryptoback™ rewards scheme
- Over 4.5 million customers globally, with proven success in EEA and APAC
- Currently available in 48 US states with New York coming later this year
- Further plans to launch additional features and products to US customers
* Cryptocurrencies are automatically converted to USD at point of sale or ATM withdrawals
** Zero ATM fees on withdrawals up to $250 per month, 2% thereafter
Your Wirex Visa Prepaid Card (the “Wirex Card”) will be issued by Sutton Bank, an Ohio chartered bank corporation whose main address is at 1 South Main Street, Attica, Ohio and who is a member of Visa.
X-points is a Wirex loyalty point which can be exchanged for cryptocurrency in the Wirex app only. It is not virtual currency. It cannot be transferred out of Wirex, and grants no rights, titles, or other claims.
Cryptoback™ rewards will be awarded in X-points, a Wirex loyalty point which can be exchanged for cryptocurrency in the Wirex app only.
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