Wirex Expands Crypto Payment Partnership with Visa
- Visa and Mastercard have both struck several crypto-focused partnerships.
- Crypto platforms leverage traditional finance platforms like MasterCard for mainstream adoption.
Wirex, a prominent cryptocurrency payments platform, has announced a long-term, strategic global partnership with payment provider, Visa. The partnership would see Wirex join Visa in expanding its reach in APAC and the UK, enabling it to issue crypto-enabled debit and prepaid cards to more than 40 nations.
Wirex said in an announcement,
We’ll continue working closely with Visa to expand our services and roll out this card program worldwide. And keep your eyes peeled, as in the coming weeks, we’ll be announcing another significant partnership for card issuance in Australia!
The announcement strengthens the already-existing partnership between the two businesses, which includes Wirex holding principal membership status with Visa in Europe and a crypto-linked Visa debit card in the United States.
Wirex claims to be the first business in the world to create a crypto-enabled card in 2015 that lets consumers buy or sell a variety of conventional currencies and cryptocurrencies. Reacting to the partnership, Svyatoslav Garal, Regional Managing Director of Wirex APAC, said,
It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies. Visa’s proven commitment to safety, security, and innovation will help us continue developing a next-generation app and card.
Despite the crisis facing cryptocurrency, many of the largest financial institutions in the world continue to place their faith in the underlying technology as the most effective means of fostering consumer trust.
Visa and Mastercard have both engaged in a crypto partnership frenzy. Mastercard has previously partnered with Coinbase, enabling banks and merchants in its network to provide services linked to cryptocurrencies. Visa also teamed up with FTX in 2022 to enable crypto debit cards in 40 countries. Visa currently has more than 70 crypto partnerships.
Ironically, the purpose of cryptocurrencies was to replace banks and middlemen like Mastercard and Visa. However, it appears that crypto platforms have leveraged traditional finance providers to go mainstream.