Leading payments company Wirex, announced earlier this week that it has received its first money transmission license in the US, from the State of Georgia Department of Banking and Finance. The license will allow them to engage in the business of money transmission serving the population of the state and marks an important milestone in Wirex’s drive to offer their industry-leading services to the US population. The announcement comes after Wirex revealed that it would be launching its next-gen cryptocurrency platform linked to a spending card in the US.
Wirex already serves 3million customers across 130 countries. The company’s platform offers users the ability to seamlessly buy, hold, and exchange multiple traditional and cryptocurrencies from a single app. Wirex also developed a series of world’s firsts that they are excited to bring to the US. As the first company to develop the contactless crypto-compatible debit card, customers can spend their various currency holdings at over 54 million locations where Visa is accepted., empowering everyone to take advantage of the benefits of the blockchain. Wirex is also the world’s first company to offer a cryptocurrency rewards scheme, Cryptoback™, giving up to 1.5% back to customers using their Wirex card in-store.
The Georgia license is part of the company’s commitment to regulatory compliance worldwide.
“We are very excited to receive our license as a money transmission business for the State of Georgia. With the sector growing rapidly, approval of this license is an important step in Wirex’s endeavour to ensure the company complies with money transmission regulations and cryptocurrency laws worldwide. This is an important step in realizing our vision to grow cryptocurrency adoption and use amongst a mainstream audience in the US.” says Pavel Matveev, CEO, and co-founder of Wirex.
“The license in the State of Georgia is the first success in Wirex’s approach to providing fully compliant cryptocurrency management capabilities in the hands of its customers. Our users deserve to know that Wirex USA adheres to current regulations in the space and that their funds are safe at Wirex. Wirex makes cryptocurrency more accessible and usable. We look forward to putting the power of Wirex in the hands of our US customers in the coming months.” says Harold Montgomery, Managing Director, Wirex USA.
The State of Georgia Department of Banking and Finance granted license number 67727 on 30th July, 2020. Wirex plans to launch its services in the US in the coming months.
The company has also released its first TV advert, just two weeks after becoming Mastercard’s first crypto-native principal member. The ad solidifies Wirex’s core message of empowering people to experience the benefits of a world where all currencies, crypto or fiat, are equal and accessible to all.
The ad demonstrates how Wirex is “open to all”, as part of a strategy to target core-crypto users that are looking for an easy on-and off-boarding solution for managing cryptocurrency assets, as well as mainstream fintech fans seeking an alternative to slow and costly traditional payment channels. The campaign includes targeted versions of the adverts to connect and resonate with people across the globe and demonstrate the borderless nature of the product.
Since its inception in 2014, founders Pavel Matveev and Dmitry Lazarichev’s vision for Wirex has always been to bring cryptocurrency to the mainstream. This began with the development of the world’s first cryptocurrency cashback scheme – Cryptoback™ rewards. This game-changing innovation gives users up to 1.5% back in bitcoin for purchases made in-store, automatically inviting everyone to experience the benefits of the digital economy.
Matveev believes that this is a big step in Wirex’s growth. “Having recently gained international recognition following our announcement of a partnership with Mastercard, we are excited to further this reach by debuting our first global TV campaign. By communicating Wirex’s key benefits such as low fees, high limits and flexibility, we hope to continue growing our user base and demonstrate our vision of a digital economy that is accessible to everyone.”
The global reach of the advert is an appropriate representation of Wirex’s ambitions to expand into new territories, with launches in the US and Japan anticipated later this year.