Wirex Becomes The Third Crypto Wallet In U.K. To Get An E-Money License

Aug 24, 2018 at 10:21 Update Date :Feb 27, 2019 at 07:46 UTC

Wirex, the UK based crypto card provider has been granted an e-money license by the Financial Conduct Authority of UK.

The license will allow the company to create e-money accounts. Such accounts can be created in more than 12 different currencies.

Financial Conduct Authority oversees more than 56000 companies and 125000 licensed individuals in the country.

In a recent tweet by Wirex, the company took pride that it is the third company to have received such license so far. It also pointed out the significance of this license for the company as well as its stakeholders through a post published on the website, stating the grant would open up “a much broader market” for the company, enabling it to create e-money accounts in more than 24 cryptocurrencies.

The company also stated that it is looking forward to getting a similar license in Asia (inclusive of Singapore and Japan) and America and the development for the same is under process.

However, the firm didn’t dive into specifics of such developments.

Wirex was the first company to bring crypto debit card back in the European market after the product was dropped off by Visa last year. The London-based company offers virtual as well as physical debit cards in above 30 countries.

At its start, these debit cards supported Bitcoin, Litecoin which could instantly be exchanged with USD, EUR and GBP. Recently, the company announced the inclusion of Ripple to its existing portfolio of products. The company claims that it has a user base of more than 1.8 million people and has facilitated transactions of more than $2 billion.

Wirex is positive about the award from FCA and expects that the license would help the company in gaining trust and reputation in the crypto sphere.

The co-founder of the company, Dmitry opened up about their ambition of achieving the license since the start of the company. While Pavel, the other co-founder observes the grant as a milestone in the path of continuous improvement and expansion plans.

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