Wirex: Easy Fund Management for Crypto and Fiat Users
Wirex is a financial platform linking cryptocurrencies and fiat currencies through hybrid solutions including fiat and crypto accounts, physical and virtual wallets, and exchange services, among others.
Founded by Pavel Mateev and Dmitry Lazarichev in 2014, Wirex has more than 150 employees inside offices located in London, Kiev, Singapore, Tokyo, and Toronto.
Previously known as E-Coin, Wirex raised more than US$186,000 in a fundraising campaign on an online investment platform in late 2015. As of 2017, the company has processed transactions worth above US$1 billion in total and has grown to more than 800,000 community members across the world.
Difficult Entry into Crypto World
According to Wirex, the public demands for financial services that operate using blockchain technology. This decentralized technology, where most cryptos run on, acts like a digital ledger where transactions are recorded publicly in chronological and in linear order.
In addition, the company has recognized that people new to crypto would find it hard to enter the world of digital currencies. It would take a long time before funds from a bank could be moved to a crypto exchange platform. Furthermore, it could take days before most exchanges could finish their account verification processes.
As a solution, Wirex provides payment solutions that serve as an easy and convenient way to get involved with cryptos.
Wirex Wallets and Cards
Wirex offers seven wallets for the same number of crypto and fiat currencies. Users can choose between wallets for BTC, LTC, XRP, ETH, as well as for GBP, EUR, and USD.
Users can rest assured that the Wirex wallets are secure. Funds are stored in multi-signature cold storage wallets to ensure safety. At the same time, Wirex is one of the only three crypto companies to have received an e-money license from the UK Financial Conduct Authority (FCA).
Owners can load their wallets using the supported fiat currencies through credit and debit cards or through bank transfer. Similarly, the wallet accepts the aforementioned cryptos as well as 100 more altcoins together with ERC-20 tokens. Transferring between each wallet is free as well.
Wirex also has a physical and a virtual payment card connected to the Wirex wallet. The physical card comes in three variants; GBP, EUR, and USD. Owners can use this type of card to pay at shops, public transportation, and other land-based outlets. The card can also be used to withdraw fiat money from supported automated teller machines (ATMs).
On the other hand, customers can use the virtual card to transact using both fiat and crypto online.
Meanwhile, Wirex offers its customers Bitcoin every time they use the card. Through Wirex’s Cryptoback program, cardholders can get 0.5 percent of their in-store purchases in the form of satoshis, the smallest unit of Bitcoin. Moreover, this reward program does not have a limit on how much a customer can earn back in a single purchase.
Easy Fund Management
Wirex hopes that its payment services could introduce crypto to the mainstream population. The Wirex card covers the market for both the emerging cryptos and the established fiat currencies.
Furthermore, Wirex reiterates that its services can provide financial freedom to its customers. With streamlined services and zero-fee transfers, it is now up to the card and wallet owners how they manage their funds.