Wirex, a London-based digital currency business, has announced that it has become a global partner of Visa, allowing the company to expand its card services to more markets. The new partnership is a sign of Wirex’s ability to provide crypto card services to the APAC and UK markets.
Wirex Teams Up with Visa to Expand Reach
Wirex, a London-based cryptocurrency and financial services provider, has signed a long-term service agreement with card giant Visa. This move is seen as a major milestone by the company, as it will now be able to reach customers in new markets, with a focus on areas such as APAC and the UK.
The firm, which provides cryptocurrency-linked card services, will be able to reach customers in more than 40 countries with this partnership. The firm claims it was first to offer this service to the public in 2015, in partnership with Visa. This partnership builds on earlier efforts, as Wirex became a Visa Principal Member in Europe and raised $15 million in a 2020 Series B Funding round in 2022.
Matte Wood, Director of Digital Partnerships for the Asia Pacific region at Visa, said:
Visa wants to provide customers with more options for payments through the connection of digital currencies to our network of banks and merchants. We are excited that Wirex is expanding its focus to the Asia Pacific, making it easy for people to spend their cryptocurrency balance in a seamless way at the millions of Visa-accepting merchants in the region.
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The aim of this partnership is to bring more cryptocurrency-linked payment methods to more markets around the world, enabling digital natives to pay with crypto even at traditional retailers. With Wirex cards, customers can use their cryptocurrency for payments at 80 million Visa-accepted locations worldwide, while also earning 8% cashback at the same time.
The US is one of the markets that could benefit from this partnership. This deal is likely to allow the company to compete more effectively with other crypto card providers in the space. Sviatoslav Galal, Regional Managing Director for Wirex APAC, praised Visa’s role in bringing crypto options to more countries. He said:
It is great to strengthen our partnership with Visa, which has played a key role in helping us bridge the gap between the digital and traditional economies.
Wirex is also expected to announce another partnership with a related card in Australia in the coming weeks, further extending its global service footprint.
What do you think about the partnership between Visa and Wirex? We’d love to hear from you in the comments section below.
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