In order to increase its presence in the UK and the Asia-Pacific (APAC) region, leading cryptocurrency payments platform Wirex has established a long-term strategic agreement with payment behemoth Visa (NYSE: V).
According to a press statement from the cryptocurrency payment company on February 13, Wirex will immediately issue crypto-enabled debit and prepaid cards for assets like Bitcoin (BTC) to more than 40 countries as part of the cooperation. The relationship will facilitate further cooperation between the two nations in important markets like Europe, the United States, and Asia-Pacific.
Expanding the use of cryptocurrency payments
For Wirex, which has more than five million users worldwide with the UK as its largest customer base and quick growth in APAC, the development marks another significant turning point. More consumers should be able to obtain cryptocurrency benefits thanks to the cooperation.
“Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. Were 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,” stated by Matt Wood, Head of Digital Partnerships, Asia Pacific at Visa.
Svyatoslav Garal, Regional Managing Director of Wirex APAC, also made the point that the company is able to keep making a next-generation app and card thanks to Visa's safety, protection, and development.
Despite having a sizable portion of its clientele in the UK, Wirex withdrawn from the Financial Conduct Authority's (FCA) temporary registration program abroad prior to the full filing deadline. As a result, it is now able to provide services to clients in the UK through a Croatian-licensed subsidiary. In fact, Wirex has long been open about its intentions for international growth, an aspect supported by a sizable infusion of finance from numerous investors.
In the meantime, Visa has been expanding its presence in the cryptocurrency market and plans to provide a number of goods after registering trademarks for the metaverse and cryptocurrency wallets. Back in 2022, the business also collaborated with the now-defunct FTX cryptocurrency exchange to sell crypto-backed debit cards in 40 nations while also launching a no-limit Bitcoin card in the United Arab Emirates (UAE).
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