London crypto-payments company Wirex just partnered with Japanese-based SBI Holdings. Their goal is to produce a bitcoin and cryptocurrency payment card for Japanese customers. The partnership is geared to create more mass adoption for cryptocurrencies and break Wirex into the mainstream limelight.
Wirex also has an early start in japan, as it has an initial customer base. Their CEO, Pavel Matveev, elaborated: “Japanese customers are our most enthusiastic supporters and use our VISA-backed cryptocurrency debit card more regularly than anywhere else in the world. They deserve a Yen denominated card soon and we will deliver it to them.”
Formation of the Partnership
The partnership was formed several months after SBI group invested $3 million into Wirex. It appears that SBI Holdings hopes to broaden its influence regarding cryptocurencies and bitcoin. SBI Holdings also intends on gaining more knowledge about digital cryptocurrencies. A Finextra article expanded:
The partnership comes months after SBI Group invested $3 million in Wirex, as the Japanese FS giant seeks to build up its expertise in the DLT and cryptocurrency realm. It has also joined the R3 blockchain consortium, while its securities division has taken part in a distributed ledger pilot with the Japan Exchange, IBM and NRI.
Their partnership sets the stage for further development of the cryptocurrency ecosystem, and more usage by individuals and customers. In addition, Wirex is working to create their own blockchain and allow for bank transactions and balance inquiries, according to the Finextra article.
Wirex’s Previous Endeavors
Previously, Wirex has already released a virtual cryptocurrency credit card via their mobile application. News.Bitcoin.com covered the story when it Broke in July 2016.
“Now through the Wirex app, users can own a virtual Visa card for free, which Wirex says normally are valued at $3. The virtual card is redeemable within the app. Virtual cards work just like physical cards, but aren’t tangible and cannot be used in places where a physical card is required.”
Users can fund these credit cards with bitcoin and other altcoins, including Ethereum and Monero.
Wirex was previously called E-Coin. They plan on continuing to grow their services in Japan, and maintain a healthy relationship with SBI Holdings.
Images courtesy of Shutterstock and Wirex
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Author: Sterlin Lujan