Wirex Limited, which is known for its suite of personal banking solutions such as a debit card for Bitcoin users, has announced that it is opening up its liquidity pool to new providers to meet growing customer demand and ensure that users get the best possible exchange rate despite the short-term market conditions.
The company justified the move to its retail clients by explaining that “some investor hopefuls currently attempt to time the market by using trading exchanges, only to find that fees and instant price fluctuations eat away their profits if they trade too often.”
Instead, W-Pay offers direct access to a global network of deep financial pools for Bitcoin, dollars, pounds and euros – with more currencies promised soon, including various cryptocurrencies such as Dash, Litecoin, and so on.
W-Pay (Wirex Payment Network) is a multi asset off-chain liquidity network powered by smart contract technology, enabling ultra-low cost instant payments on a global scale. It was initially inspired by the Lighting Network and was launched in early 2015 following a rebrand of e-coin. The service was founded in 2013 as the first mass consumer service in the world to successfully combine cryptocurrency networks with traditional banking services and the VISA card scheme.
Earlier this year Wirex raised $3 million in a Series A funding round led by the Japanese conglomerate SBI (TYO:8473).