After completing the Visa FinTech Fast Track Programme, Wirex has secured a principal membership in the its network that will allow the company to issue Visa cards.
According to the Wirex’s press release published on 22 December, the firm is set to utilize the membership to offer new products to its customers and apply for additional licenses.
Cuy Sheffield, Visa’s Senior Director and Head of Cryptocurrency, said that Visa was excited to work with innovative fintech companies like Wirex. He believes that digital currencies can extend the value of digital payments to a greater number of people and places.
Wirex first collaborated with Visa in 2014, when it issued the world’s first contactless crypto-enabled debit card. The company also launched a cryptocurrency rewards scheme called Cryptoback™, which rewards users up to 1.5% back in Bitcoin for any purchases made with their Visa debit card.
The new Visa membership will enable the company to overhaul its rewards program and roll out its services in the U.S.
Pavel Matveev, CEO and co-founder of Wirex, said their core goal has always been to unite the traditional economy with the digital one. Collaborating with global payment companies such as Visa made this possible by providing straight and cost-effective solutions for utilizing cryptocurrencies in the real world, he added.
“It’s no easy feat to achieve principal membership,” Matveev said in the company’s release. “It will present numerous opportunities to continue developing a revolutionary product.”