Copy link
Increase text size
Decrease text size
Link copied

Crypto startup Wirex receives e-money licence from UK FCA

Thu, 23 Aug 2018, 09:51 am UTC

Wirex, a London-based provider of crypto wallets linked to Visa debit cards, has announced that it has been granted a UK FCA (Financial Conduct Authority) e-money licence.

The firm said that it is the third cryptocurrency-enabled company to receive the license. Wirex co-founder Pavel Matveev said that the e-money license will allow the company to better serve its customers with less reliance on third parties, resulting in a faster, more responsive user experience, as well as lower costs across all services.

“Wirex pursued an FCA e-money licence in order to improve and refine its e-money services throughout the EEA. Having our own principal licence, instead of our existing FCA agency licence, means increased efficiency and lower costs,” Matveev said.

Previously E-Coin, Wirex is a hybrid personal finance platform that merges blockchain technology and traditional finance. The platform boasts of 1.8 million customers in more than 120 countries and recorded $2 billion in transactions to date.

“Acquiring an FCA licence has been our ambition since we started the company, so we’re thrilled to be at this point” says Wirex co-founder Dmitry Lazarichev.

“The licence will not materially affect how we engage with our current clients, although they will benefit from more streamlined services and potentially even lower rates than we currently offer. The licence is a testament to the fact that Wirex is committed to pursuing and achieving the highest levels of diligence and integrity in its business operations.”

Matveev said that the company will seek similar licences in other countries as well, adding that the UK e-money licence is just the beginning of a much broader, value-added offering, which will more widely cater to both consumers and businesses alike.

“Wirex is on an aggressive expansion path and in the process of obtaining licences in Asian markets including Singapore and Japan, as well as expanding into North America. The new FCA licence will enable Wirex to create additional e-money accounts in over 25 different currencies which means we can deliver a more bespoke service,” he said.

[Update: The article has been edited to include a comment from Dmitry Lazarichev and to mention that Wirex has recorded $2 billion in transactions till date]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,597.56 (-5.29%)
  • Ethereum (ETH) $255.82 (-8.41%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $377.42 (-8.70%)
  • Bitcoin SV (BSV) $287.10 (-6.30%)
  • Bitcoin (BTC) $9,597.56 (-5.29%)
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
IRS invites crypto firms to discuss cryptocurrencies and related issues
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Banking giant Citi backs blockchain trade finance network Contour
Bank of Korea to develop blockchain-based bond management system
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.