London-based payments platform Wirex has become a principal member of Visa in Europe.
The principal membership allows Wirex to issue Visa cards, offer new innovative products and apply for additional licences.
In 2015 the company developed the world’s first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Wirex offers its services to over three million people across the EEA and APAC regions. It has experienced a 271% increase in the number of crypto exchanges on their platform compared to this time last year.
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” said Cuy Sheffield, Senior Director and Head of Cryptocurrency, Visa. “We’re excited to work with innovative Fintechs like Wirex and enable their customers to use digital currencies at more than 61 million merchants on the Visa network.”
Pavel Matveev, CEO and Co-Founder of Wirex, added: “It’s been our core goal to unite the traditional and digital economies, and collaborations with trusted global payments companies such as Visa are making this possible by providing straight and cost-effective solutions for utilising crypto in the everyday. It’s no easy feat to achieve principal membership and will present numerous opportunities to continue developing a revolutionary product.”
Last October Wirex closed a record-breaking crowdfunding campaign that raised nearly US $5m.