Wirex is the cryptocurrency payment company that focuses on improving virtual currency adoption and liquidity. Recently, it has announced a strategic business partnership with payment processing platform, i2c. The two firms will join hands to launch the first multiple cryptocurrency-enabled prepaid cards in the United States. To be sure, this move will spur digital currency adoption and liquidity in the United States.
Highlights of the Agreement
- The Wirex prepaid card will be the first of its kind in the United States.
- It will bring to the US its European Wirex Visa Card program, which enables the cardholders to use it anywhere.
- Just like their European counterparts, American consumers can now convert and spend their cryptocurrencies using the company’s prepaid card.
- i2c will provide Wirex with their state-of-the-art payment processing technology.
- American consumers can convert their BTC, ETH, XRP or LTC, and spend them in restaurants, bars, stores, and even withdraw through ATMs.
Wirex in the Cryptocurrency Market
Undoubtedly, cryptocurrency witnessed a rise in popularity from its infancy with a total market cap currently over $200B USD and once near $800B USD. While the market has burgeoned over the past decade, cryptocurrency adoption among merchants is still low with experts pegging it at 0.3%. The implication is that the possibility of spending cryptocurrency remains relatively limited. Accordingly, Wirex appears to take the bull by the horns by developing a payment technology that will enable cryptocurrency users to spend it.
Most importantly, this partnership will enable the payment firm to take American consumers to the Wirex Visa card program. Surprisingly, the company is currently the only business in Europe that issues fully functioning cards for a seamless spending of cryptocurrency.
To achieve seamless payment with cryptocurrency, Wirex leverages i2c’s platform that guarantees user security and reliability. Essentially, i2c supports advanced payment options such as multi-purse and multi-currency technology. In addition, i2c offers other exciting functionalities such as spend controls and advanced real-time alerts.
The CEO of Wirex, Vroon Mogill, said that their mission is to bridge the gap between cryptocurrency and fiat currency. Mogill notes, when that is achieved, users can spend their virtual currencies for day-to-day settlements.
Concluding, the chief executive disclosed that cryptocurrency adoption is increasing in the retail sector, adding that McDonald’s is leading the pack among their retailers in Europe. Mogill pointed out that their strategic partnership with i2c will enable Wirex to offer crypto-friendly service in the US, making it the first.
Responding, EVP of Global Sales Marketing at i2c, Joe DeRosa, noted that i2c is proud to team up with Wirex. DeRosa assured that the unique card would offer users “convenience, security, and great user experience.”
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