Tech 11 December 2018

Erik Gibbs

Wirex now supports IBAN system for its crypto debit cards

Cryptocurrency enthusiasts in the European Economic Area (EEA) can now take advantage of the Wirex crypto debit card in even more ways. Wirex has announced that cardholders across the EEA are able to add funds to their accounts through bank transfers after it successfully completed testing of IBAN support in four countries – Spain, France, German and Italy – after adding IBAN support for accounts registered in the UK this past September.

IBAN is an acronym for international bank account number. It is used by banks all around the world to identify the financial institutions in order to accept international payments. The IBAN is a unique 34-digit number that is assigned to each country and also includes routing details to identify the branch and the specific bank account.

The Wirex debit card is available to everyone in the EEA. It can be used just like any bank-issued debit card, allowing for purchases online, in brick-and-mortar stores and for ATM withdrawals. Currently, the cards support withdrawals in U.S. dollars, UK pounds and euros, and additional currencies may be added in the future.

The company is currently on a global expansion mission. Wirex has already received approval of its registration to act as a money service business in Canada. Next, it plans on moving into the U.S. and says, “We’ll soon be testing our market-leading offering on American soil for the first time. We’d like to know your thoughts – what you like, what you don’t like and if you detect any bugs that may need our attention before the launch.”

Wirex is also making preparations to move into the Asia-Pacific (APAC) region. It recently opened an office in Asia in anticipation of the continued expansion and participated in the Singapore FinTech Festival last month in order to drum up new business.

The card comes with a lot of key features. They are contactless, allowing for easy spending, cards can be frozen from within the accompanying app in the event they’re stolen and they include a lot of the same security features, such as chip and pin verification, seen with other debit cards. Wirex also offers its own rewards program – Cryptoback – which allows users to earn 0.5% in Bitcoin Core (BTC) on any in-store purchase.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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