Wirex: The Global Leader of the Cryptocurrency Debit Card Market

FinTech Company Wirex

Wirex is a London based FinTech company that was established about three years ago and at the moment we are the global leader of the cryptocurrency debit card market with over 1 million customers in more than 130 countries.  We have won a few FinTech awards in Europe and in Asia, especially in Japan.  We now have offices in London, Tokyo, and Singapore.  There are 100 employees in the company and are still growing with the plan to have 300 employees by the end of 2018.  To date, we have processed more than $1.5 billion in transaction volume.  We are not just a new FinTech startup that is trying to change the world, we are working closely with big financial institutions as well.

Cryptocurrency is very new but it is getting very popular and our product is getting more popular as well.  Every day we on board over 4,000 customers which is more than any retail bank onboards on a daily basis.  So the industry is growing and we are growing with the industry.  So we have products for consumers, customers, and we have products for businesses.

Mobile Banking Application

For customers, we have a mobile banking application.  So this is an application where you can hold all your cryptocurrencies.  We can support 50 cryptocurrencies.  We also issue individual bank accounts for people in 26 traditional currencies.  The main idea is that you keep all your money in one place.  It doesn’t really matter if its cryptocurrency or traditional currency.  You will have access to it 24/7 and we pay a lot of attention to make this solution as secure as possible.  What you can do is that you can convert one currency to another, it happens instantly.  You can convert bitcoin into USD or USD to Euro when you are traveling.

The Multi-Currency Card

Next product is our Multi-Currency Card.  So Multi-Currency is a VISA card which is linked to your wallet and it allows you to use your money and it doesn’t matter if it is crypto or traditional currency.  Anywhere where VISA or MasterCard is accepted.  More than 40 millions of merchants, shops, restaurants in more than 200 countries.  You can buy things online, you can buy things in store, you can withdraw money in ATMs.  It doesn’t matter if it is bitcoin or USD.

Bitcoin and blockchain have some limitations you can’t process millions and billions of payments per minute/per second compared to VISA or Paypal.  It is not scalable.  However, you can scale it by using off-site or off chain solutions.  We have a production-ready implementation of an off-site liquidity network.  Our case this is called W-Pay.  What W-Pay allows businesses to do is instant payments on a global scale, it is fully automated so it is excellent for IoT or machine to machine payment and because it is not in a blockchain, you don’t pay any fees.

Pavel Matveev
Pavel Matveev

Pavel is the CEO of Wirex Limited. He is a blockchain entrepreneur with substantial financial/trading knowledge and more than 10 years of Investment Banking experience.

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