Business

Dan Taylor

Wirex adds crypto payments support for 10 new fiat currencies

Crypto payments company Wirex has announced a major update to its platform, dubbed Wirex 3.0, which will see the onboarding of 10 new fiat currencies.

The service, which allows for payments made in fiat to be sent as Bitcoin or other cryptos, will now offer access to interbank exchange rates, as well as “unconditional access” to OTC rates for cryptocurrency to its customers through the European Economic Area (EEA).

The latest update also extends the same access to customers in Asia-Pacific and Canada, allowing local fiat currency support for users in their regions for the first time.

The upgrade takes the total number of fiat currencies supported by the platform to 15, including new additions such as the Australian dollar, the Singapore dollar and the Hong Kong dollar. Customers in the UK will now also benefit from faster transfers through the SEPA, Swift and Faster Payments systems.

In a blog post announcing the upgrade, Wirex said 3.0 was designed to better “bridge the gap” between the traditional and crypto financial systems.

“We’ve spent the last year working closely with our community, collecting customer feedback and identifying all the ways we can improve your Wirex experience,” the Wirex team stated. “Wirex 3.0 bridges the gap between crypto and traditional currency, making it easier than ever to take control of all your money – whether you’re exchanging money for travel, spending your cryptocurrency in real life, sending funds around the world or earning free Bitcoin while you shop.”

Wirex is licensed in the UK, after becoming only the third firm to be awarded an e-money licence by the Financial Conduct Authority, the chief financial regulator in London.

The upgrade will allow users to switch between crypto and fiat payments more easily, with more support for fiat currencies than ever before. It comes at a time of increasing interest in crypto payments from merchants, banks and consumers, favouring the speed, security and low transaction fees of cryptocurrency like Bitcoin SV over fiat currency.

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