Web3 money app Wirex and Visa have partnered to make digital currencies easier to use in the UK and the European Economic Area (EEA).
At the heart of this agreement is the launch of Wirex Pay, a new payment chain developed by Wirex. The chain aims to simplify transactions by allowing users to move seamlessly between blockchain technology and traditional finance.
Sviatoslav Garal, Global Head of Payments at Wirex, commented: “Being among the few crypto-native companies licensed by Visa for card issuance, and notably the first principal member of Visa Network in Europe, emphasises Wirex’s pioneering role in the financial industry. At a time when the financial world is boldly moving towards Web3 and decentralisation, the need for robust solutions for global funds movement remains essential.
“Key ecosystem players like Visa play a tremendous role in this shift. Wirex, a renowned innovator in both Web3 and traditional finance, is thrilled to partner with Visa in bridging the gap between these two spaces.”
Additionally, Wirex has stated that its agreement with the payment giant is to make paying with digital currencies easier. The companies are aiming to achieve this goal by leveraging Visa’s payment network with Wirex’s products.
Lately, Visa has made significant developments in the crypto sector. Most recently, the company partnered with crypto wallet provider Tangem, to help towards the end goal of increasing mainstream acceptance of cryptocurrency.
Cuy Sheffield, Head of Crypto at Visa, stated: “Partnering with Wirex to help integrate blockchain technology with traditional finance, including the launch of Wirex Pay, aligns closely with our vision for the future of payments while highlighting the importance of collaboration in driving fintech innovation.