Through this partnership, Wirex will become a member of Visa in APAC and the UK, which means that it will be able to issue crypto-enabled debit and prepaid cards to over 40 countries. Moreover, the collaboration will enable Asian consumers to spend crypto at a growing number of APAC merchants.
According to techstory.in, the partnership comes in the context of an increasing number of active internet users in APAC. Furthermore, the same source indicates that 7% of an APAC resident’s investment portfolio is allocated to crypto at the time of writing.
The partnership also aims to support further collaboration in markets such as APAC, the UK, Europe and the US, as Wirex will be able to offer new crypto-related products, improve user experience and spearhead new blockchain initiatives. Wirex and Visa have already released a crypto-linked visa debit card in the US, while Wirex is holding principal membership status with Visa in Europe.
In December 2022, Wirex has launched 52 new tokens on its app in order to improve access to DeFi for its users. The launch brought the company’s portfolio up to 130 cryptocurrencies and 13 traditional currencies. According to the official press release, the company aims to bridge the gap between traditional and digital finances, which is why each token was chosen specifically to give everyday users more freedom of choice when using DeFi.
The launch included tokens such as CAKE, BRZ, BBTC, IMX, PLA, YGG, RNDR, GMT, and CHR, while supported blockchains comprised Ethereum, Solana, Binance Smart Chain (BSC), Avalanche, Tron, Algorand, Optimism, Polygon, Stellar, Cosmos and Near.
Users received the ability to buy, hold, exchange and sell these tokens through the Wirex digital payments platform. The official press release stated that the tokens would become available globally to customers in the Wirex app, although some tokens and services may only be available in certain regions.
In October 2022, Wirex has launched USD Coin (USDC) on the Stellar blockchain via the Wirex app. Aside from expanding access to Stellar-based digital assets, the announcement marked a milestone in an ongoing collaboration between Wirex and the development of the Stellar Development Foundation (SDF), a non-profit organisation aimed at supporting the growth and development of the Stellar network.
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