Crypto Platform Wirex Becomes a Principal Member of Visa

Just a couple of years ago, the cooperation between a crypto project and undisputedly the most influential financial corporation seemed to many like a distant dream. But a lot has changed in the attitude of global financial establishments towards crypto during 2020, as Visa has made a crypto platform Wirex into one of its principal partners. 

Table of contents: 

1. Wirex is Visa’s new principal partner. 

2. Facilitating digital payments across the globe. 

Wirex is Visa’s new principal partner 

The cryptocurrency industry had initially positioned itself as the polar opposite of the contemporary financial system with its centralization and lack of privacy.  But time has shown that close cooperation between the two is inevitable, and, in fact, beneficial since the traditional financial institutions have realized the benefits of the blockchain technology, whereas crypto firms can’t thrive without the global exposure, an established infrastructure, and the regulatory compliance that giants like Visa are able to provide.

That’s why the news about the Wirex becoming a principal member of Visa’s European branch was met with great enthusiasm coming from both camps. Prior to that, the crypto firm that is headquartered in London, UK, had successfully concluded its participation in the Fintech Fast Track Program and got onboarded to the Visa network in the European Economic Area (EEA) and Central Europe. The status of principal member grants Wirex the right to issue Visa debit cards for cryptocurrency payments, incorporate new tech solutions, and obtain additional licenses for better regulatory compliance. 

Facilitating digital payments across the globe

The news couldn’t have come at a better time as the cryptocurrency market is going through a period of explosive gains: Bitcoin (BTC) has recently hit a new all-time high above $28,000, while the majority of altcoins have also seen a resurgence after a deep correction this fall. 

But even before this important event, Wirex has already been serving more than 3 million customers from EEA and APAC, having experienced an astronomical 271% growth in transaction volume over the past year, which is an exceptional achievement, especially at times of regulatory uncertainty.  

Cuy Sheffield, who is Visa’s Senior Director and Head of Cryptocurrency, has acknowledged the potential of crypto to facilitate digital payments across Visa’s extensive network of over 61 million online merchants. 

Pavel Matveev, one of the founders of Wirex, noted that his company’s primary goal is to bridge the gap between the traditional and digital economies through collaboration with such financial heavyweights as Visa that has had a close relationship with Wirex since 2014 on a matter of issuing the first contactless card for payments in cryptocurrencies. Earlier this year, Wirex has also secured the principal membership with Mastercard for the same purpose of getting the right to issue payment cards and offer financial services to a wider audience.