The convergence of cryptocurrency and fiat currency is one very important balance the financial world needs to transition permanently into a fully digital economy. For people to truly understand the importance and potentials of a digital financial economy, we must make them trust the process. Trusting the process for non-crypto people most especially those who are not really tech exposed, it has to be gradual, gradual enough for them to handle. We must walk them through the crypto corners to ensure that have a very good first time experience. There is no better way to do this than to simply converge what they are use to -fiat- and what they are not so familiar with -cryptocurrency- into one space and let them learn what it is and how it relates to what they are already used to. It is this framework that Wirex as a company has adopted and are working on to become a global fiat-crypto base for the world population.
In this article, we’ll look into what Wirex is doing as a project and the impact it can have on the average non-crypto user.
Wirex is United Kingdom based company which provides solutions to transactions between digital assets and fiat currencies. The company tries to create a balance between traditional fiat currencies and Blockchain technology which provides easy access to customers to perform various payment options. Their aim is to create a fluid flow between Cryptocurrencies and major traditional currencies. The platform serves users as a wallet, provides transfer services around the world and fast exchange transactions between crypto and fiat currencies.
The company created a Wirex Visa Card product that gives power to its holder in making payments anywhere around the world while even getting a reward for it. Wirex is the first crypto inclined company to create a CryptoBack loyalty structure program that gives bank 0.5% of in bitcoin to every transaction made with the Wirex card. Transfer between Wirex accounts are completely free and account can be loaded with funds easily by using debit cards, credit card or transfer via commercial banks.
Wirex was launched in 2014 and has since then processes over $2.5 billion dollars between Cryptocurrencies and fiat currencies around the world with over 2 million customers in 130 countries. Wirex adopted a tagline since its inception which reads ” I Pay My Way. I Pay With Wirex.” The campaign lines effectively depict the ease with which using the Wirex service platform and credit card can make life much easier while making payments. It also means that either your money is in traditional fiat currencies or in crypto, they are easy to liquidate and used to attend to your daily needs. The company readily accepts Bitcoin, Litecoin and Ripple, Ethereum, Waves, Wollo, Dai, GBP, EUR and USD as the major value transacting metrics. It is important to note that the company is not an ICO proposing setup but rather a company that is rooted in binding two of the world’s most famous value metrics. They are backed by major financial institutions like : Soft Bank and the SBI Group. This means they do no lay claim on the decentralization structure of Blockchain ICO firms but are actually accountable to their investing institutions and financial regulations of the UK.