Wirex Turns Profitable Ahead of US Expansion

Wirex, a fiat and crypto payments platform, announced on Tuesday that it has become a profitable company with its 3 million existing users.

This came ahead of the company’s plan to enter the US market later this year. Currently, it has a presence in Europe and Asia.

Based in London, Wirex offers mobile-based payments services with both fiat and digital currencies. The platform operates in 130 currencies and supports 150 currencies.

“We are extremely happy that over 3 million customers have recognized the benefits of managing currencies – both crypto and fiat – on one, centralized mobile app,” Pavel Matveev, co-founder and CEO of the platform, said. “We are seeing broad and widespread use of our Wirex card which gives our customers the ability to spend their cryptocurrencies wherever Visa is accepted.”

Pushing for the daily use of crypto

The company also offers a debit card to its clients in Europe linked to their cryptocurrency accounts. It also rewards its card users by up to 1.5 Percent of spends in Bitcoins.

The company partnered with i2c last December to launch a travel card for its Asia-Pacific clients.

Wirex launched WXT tokens in June with the purpose of rewarding its customers in digital currency. The company raised around $3 million by selling its native token in the initial exchange offering (IEO) platform of OKEx exchange.

“Wirex was the first company to introduce a debit card allowing users to spend digital currency – and our customers have really embraced that capability. Customers use it for transport fares, groceries, restaurants, and other everyday uses,” Matveev added.

“This success shows that we’ve truly democratized access to cryptocurrencies by removing key barriers to usage and helping to bring the world ever closer to mass adoption.”

(Photo: Wirex)

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