Wirex, a payment processing company based in the United Kingdom, has announced in a press release published on their official platform, that they are teaming up with the Stellar cryptocurrency, with a wide range of exciting offerings in tow. The announcement was made on the 24th of April, 2019 and it is a rather exciting one, to say the least.
Wirex is a licenced company operating in the UK with approval from the Financial Conduct Authority or FCA of the country. The users of Wirex were so long able to use a specific Visa card to spend several different kinds of cryptocurrencies.Now, according to the press release, they will also be able to use the said card on the XLM token. With this addition, a total of 9 cryptocurrencies will be available to the users.
More importantly, Wirex has also announced that it will soon launch as many as 26 new stablecoins, tethered to leading fiat currencies like USD, EUR, GBP, HKD and SGD. Wirex, in its announcement, noted that most stablecoins are pegged to the US dollar and it will be beneficial to have more options.
“The release will make Wirex the first company to offer stablecoins pegged to a large variety of international fiat currencies, including USD, EUR, GBP, HKD and SGD. Currently, most stablecoins on the market are USD-backed tokens. Providing stablecoins in an array of local currencies allows for swift, international remittance without the need for local liquidity providers – and converting back into local currency is quick and cheap. Speaking of firsts, our 26 stablecoins represent the first fiat-pegged cryptocurrencies that can be used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – thanks to the Wirex Visa card. They are also the first stablecoins that can be instantly converted into digital or traditional currencies at OTC and interbank rates, making them even more suitable for moving money around the world.”
Wirex has chosen Stellar as a partner company because it itself is an FCA-regulated firm and it shares Wirex’s goal of trying to bring banking facilities to developing countries where people are unbanked and have limited access to financial institutions.