Wirex today announced the launch of Wirex 3.0, which includes the launch of new features for their consumer accounts, its expansion in the APAC region and a crypto friendly business account, as well as a complete brand makeover.
The launch of these new features is aligned with the company’s belief that the future lies in providing consumers with the choice and freedom to use their money how they would like, whether it is traditional money or cryptocurrencies.
Key features in this new release are the addition of multiple fiat currencies, unconditional access to OTC and interbank rates and bank transfers using Faster Payments, SEPA and Swift.
The ability to do bank transfers out is not in itself a ground-breaking feature, as it is a standard in traditional banking to freely move money to a third-party bank. However, having this new feature available for Wirex customers gives them the ability to cash out their cryptocurrencies to an external bank account seamlessly, cost-effectively, and in a user-friendly interface.
The process of cashing out cryptocurrencies can be a costly and time-consuming process on cryptocurrency exchanges, involving multiple legs and conversions between the exchange and the customer’s account. With Wirex, customers now have the ability to transfer in or out of their Litecoin and other cryptocurrency accounts directly to 13 fiat currencies, and at an OTC rate — a feature normally only available to institutional counterparties. Similarly, transfers between fiat currencies have interbank rates applied to them.
The full list of other features includes:
- The addition of traditional banking payments rails, such as SEPA and Swift, enabling direct bank transfers in and out of accounts
- Highly competitive over-the-counter (OTC) exchange rates for cryptocurrencies, and interbank rates for fiat currencies, with a transparent pricing model that gives the customer complete visibility over fees and charges.
- Expansion of currency coverage to include 10 traditional (fiat) currencies in EEA and 8 digital (crypto) currencies. (AUD, CAD, CHF, CZK, HKD, HUF, JPY, MXN, SEK, SGD, EUR, USD, GBP and LTC, BTC, ETH, XRP, Nano, DAI, WAVES, WLO.)
- Expansion of the company geographical coverage in APAC 12 traditional currencies and 4 digital currencies (EUR, GBP, AUD, CAD, CHF, CZK, HKD, HUF, JPY, MXN, SEK, SGD and LTC, BTC, XRP, ETH.)
- The launch of Wirex Business — the world-first platform which allows businesses to register and transact on their crypto accounts under a legal entity name.
Dmitry Lazarichev, Co-founder at Wirex, said: “We are delighted to reveal the new features, it is important to us to give our users the power to use their money, their way. Back in 2004 we were the first to go to market with a card that allowed users to convert and spend their crypto. Since then we have come a long way to now provide a fully functioning borderless payment platform for both traditional and cryptocurrencies”
Wirex is a UK-based, FCA-regulated fintech company which provides its customers with an alternative to conventional financial institutions, by connecting traditional and new digital ecosystems on one borderless payment platform.
Wirex’s borderless payment platform gives its customers the power to use their money, their way. Whether they use cryptocurrencies, traditional currencies or both, Wirex’s advanced solutions ensure that their customers no longer have to deal with the traditional barriers or costs associated with a simple exchange or transaction.
Wirex is a pioneer in the crypto market, and launched the world’s first Visa card that allows customers to convert and spend their cryptocurrencies wherever Visa is accepted. The company now has over 2 million users in 130 countries, and has processed over US$ 2bn of transactions.
Paid press release| wirexapp.com|