FCA-regulated payments provider Wirex today rolled out its business accounts which allow users to transact in both fiat and cryptocurrencies.
The crypto-oriented firm says the development marks the first product that allows cryptocurrency businesses to operate under their legal entity name, which demonstrates how the crypto space is maturing and having a greater impact in the financial world.
Wirex noted that the new account type would allow the firm to better serve its corporate clients in the long-term by reducing the need for intermediaries. This includes the ability to make payments to suppliers in 4 crypto coins and 12 fiat currencies. They also can benefit from interbank and OTC rates for international transactions using SEPA, Swift or the blockchain, which offers a more responsive experience, lower costs, and faster processing across the entire range of services.
Wirex Holds e-Money Certificate
The London-based company already offers a mechanism to spend, receive and purchase cryptocurrency via a prepaid debit card. The platform currently supports over 50 altcoins which can be readily converted to euros, dollars, and pounds at point-of-sale via an in-app API.
Earlier last year, Wirex has secured an E-money License from the U.K.’s Financial Conduct Authority, which allows the Fintech firm to freely operate in 23 countries from the European Union.
Commenting on the news, Dmitry Lazarichev Founder at Wirex said “B2B international transactions in crypto have for too long been subject to unnecessary restrictions and high fees through existing channels. Having spent the past 5 years building a platform that bridges the gap between cryptocurrencies and traditional money with a personal account, today we’re delighted to announce that we’re launching a business account which offers all of the same great features and put a stop to the pain encountered by crypto businesses when opening an account under a legal entity name.“