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Wirex Payment Platform Releases New Crypto Service

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Crypto alongside the fiat payment platform Wirex announced that they are initiating the first crypto friendly business accounts ever. As of now, it supports fiat and crypto payments. Besides, it is possible to dispatch money using SEPA, Swift or blockchain. It should also be noted that customers can also transfer the funds using over the counter (OTC) rates.

Currently, the product can be acquired on the desktop only. Note that Wirex has not set any transaction limits apart from the payments limits set for this type of membership. The types of cryptocurrencies supported on the platform include Litecoin (LTC), Bitcoin (BTC), XRP, and Ethereum (ETH). Furthermore, British pounds and Euros will be available on the platform.

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Dmitry Lazarichev, a Wirex co-founder, said:

“B2B international transactions in crypto have for too long been subject to unnecessary restrictions and high fees through existing channels. We’re launching a business account which offers all of the same great features and put a stop to the pain encountered by crypto businesses when opening an account under a legal entity name.”

More About Wirex

Wirex is an application that allows you to exercise control over traditional financial assets as well as cryptocurrencies. It began its journey in the financial world as an E-Coin that provided virtual cards. When it expanded its services, it changed its name to Wirex. This change came about in February 2016. Besides, the company also provides personal banking facility which is a blend of traditional banking options and cryptocurrencies.

It claims to be the maiden company to bring together the acceptance of fiat currency and the speed and flexibility of a blockchain. Cryptocurrencies like Bitcoin and Litecoin have safe wallets along with mobile application facility.

Fees And Security

Funds that are similar to that of Wirex personal accounts are saved in multi-signature cold-storage and are supported by 2FA and 256-bit AES encryption. The business accounts have excellent permission controls, which allows account holders to control and supervise the permission and roles on an account basis.

Mainstream Adoption

Several clients are already in the Wirex’ business accounts service, including a bunch of crypto startups, retailers, financial institutions, and software providers. Also, Makerdai is another addition to its list of business clients.

The company is headquartered in London.

Wirex CEO Dmitry Lazarichev said that an action plan to attain the goals of Wirex is on the way,

“We believe our platform will be very useful for startups involved in blockchain and digital assets. Our long term vision is to provide solutions for merchants so they can start to accept payments in digital assets and manage those efficiently. We started building our B2B platform because we identified how difficult it is to get access to banking infrastructure for startups in general and especially blockchain-focused ones to perform payments for daily routine operations.”

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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