Wirex is an application that serves as a virtual wallet for Bitcoins, among others. The company was established in 2015 and their service is now available in more than 130 countries. Previously, they operated under the name E-Coin.
Simply install the Wirex application and receive a plastic payment card. At the pharmacy we can also exchange currency, store and buy Bitcoins and make instant local and international transfers thanks to blockchain technology.
Wirex – Revolut for Bitcoin?
With Wirex we can send money home at minimal cost. The application also allows you to store money in different currencies – USD, GBP, Euro, Bitcoin and Ethereum. At first glance it resembles another mobile application – Revolut.
In fact, a few months ago Revolut also made available to its customers the possibility of adding Bitcoin to their wallets, and soon such cryptocurrencies as Ethereum or Litecoin are to appear. Wirex is, however, an application more focused on virtual currencies. Additionally, it allows to accept payments in BTC. Therefore, it is an interesting solution for freelancers and entrepreneurs.
The rest functions very similarly to Revolut. After the registration we will receive a card that works everywhere where payments are accepted with Visa plastics. Additionally, using Wirex we can also withdraw money from ATMs.
Transactions in Wirex are secured with PIN and a two-stage authentication level. It is the user who decides when to use the traditional money and when to use crypto. Currently, the application has more than 900,000 customers and in 2017 it was used for a total transaction of 1 billion dollars. Wirex is available for Android and iOS. It is also worth noting that the company is profitable, which is still a rarity among fintechs.
In fact, it should not surprise anyone – setting up an account (issuing a card) costs in the cheapest option 17 dollars. Wirex boasts that they operate mainly in Asia (they have offices in Japan) – one of the investors is the Japanese SoftBank (telecommunications company) through SBI Holding. The founder of the company is Pavel Matveev – a graduate of the Technical University of Vologde.