Wirex, a crypto-payments platform is now a principal member of Visa, granting the firm the power to issue Visa accounts and process transactions heading its US launch.
Wirex is the second crypto-native company after Coinbase to get a membership.
Wirex allows users to transfer crypto and traditional currencies from around the world. The company already has a Visa card that allows the users to make payments with their crypto and it is also a principal Mastercard member.
Wirex introduced a Visa card in 2015, it allows users to pay with crypto by automatically converting it into fiat currencies in numerous locations across 130 countries where Visa is allowed.
Its new Visa membership gives more autonomy: Wirex can now issue accounts by itself, process transactions, and provide processing services.
The company also gears up for the US launch: a single currency Visa card will be rolled out there soon.
Wirex has a cashback program as well, Cryptoback, which rewards users when they hold the Wirex native token, WXT.
Many Bitcoin-based cards are also available; Binance and Coinbase both have Visa debit cards that allow users to convert crypto into fiat for everyday transactions.
This year, crypto debit cards got a bad reputation when Wirecard, a German fintech company, filled in for insolvency after losing $2B. Its CEO surrendered himself to the police after an arrest warrant had been put out for him. It is alleged that he lied to the investors about the hole in the finances of Wirecard.
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