Wirex has signed a long-term partnership with Visa, which will allow it to issue crypto-enabled debit cards in the UK and in a further 40 countries. The strategic partnership between Wirex and Visa is likely to bring more collaboration as the Visa network can open doors for Wirex in Europe, USA, and in the Asia-Pacific region.
The partnership announcement adds to the collaboration that both of these companies already have. Wirex brought the first crypto card to market all the way back in 2015, allowing its users to buy, hold, and exchange cryptocurrencies, and also spend them in the more than 80 million locations where Visa is accepted.
Svyatoslav Garal, Regional Managing Director of Wirex APAC, said of the collaboration:
“It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies. Visa’s proven commitment to safety, security and innovation will help us to continue developing a next-generation app and card.”
Matt Wood, Head of digital partnerships at Visa, Asia Pacific stated:
“Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region.”
Even though Wirex’s primary market is in the UK, it was obliged to withdraw from the extremely demanding and exacting regulatory process put in place by the UK watchdog FCA (Financial Conduct Authority), before the deadline for full registration. Many other crypto companies have done the same.
Given that the UK has stated that it wants to become a global hub for crypto, many might look askance at how such a major player in crypto as Wirex has made the decision to not follow the regulatory process in the country.
Wirex is still offering its services to UK customers but only through a subsidiary licenced in Croatia.