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Friday 16 October 2020

Wirex secures £3.7m to drive Crypto payments proposition

WirexUK-based payments platform, Wirex, has secured £3.7m in funding as it looks to grow its crypto-based proposition. The cash injection was achieved following a successful crowdfunding campaign supported by around 7,000 contributors via Crowdcube.

Wirex was created in 2014 by former solution architect, Pavel Matveev and Russian entrepreneur, Dmitry Lazarichev. The fintech offers secure accounts that enable customers to store and exchange multiple currencies instantly accessing the best live rates, via a single mobile app.

The company also provides a crypto-based reward program that enables customer to earn Bitcoins for every retail transaction they make using a Wirex payment card. The scheme is linked to the fintech’s own “WXT” utility token.

Wirex is already active in 130 countries and claims to have more than 3m customers using its services. The company plans to use the latest investment to help support its expansion and further develop its operations in line with its continued growth.

Despite some bad publicity in recent years, the burgeoning interest in cryptocurrencies and DLT has never gone away. This activity has once again firmly moved out of the shadows and is an increasing area of mainstream focus. Meanwhile, Wirex has imminent plans to target the lucrative Japanese and US markets as it looks to fuel its growth.

Posted by: Jon C Davies

Tags: cryptocurrency   DLT   Wirex  

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