Wirex, the London-based crypto payment processor, has become the first cryptocurrency platform to be granted a Mastercard principal membership and will release a new multi-currency card on the heels of the membership linked to 19 secure crypto and traditional currency accounts in the Wirex app.
It has been reported that the multi-currency Wirex Card will be supported by Mastercard and linked to 19 crypto and fiat currency accounts in the Wirex app. An official release date has not yet been announced.
However, in a bid to encourage the use of cryptocurrency for everyday payments, the company is also upgrading its existing “Cryptoback” rewards program, which had until now rewarded users with up to 1.5% back in Bitcoin (BTC) for each in-store transaction.
We are beyond excited to announce our biggest ever product overhaul 🚀 All good things come in threes. And the first of our three-phase, revolutionary product overhaul will be made available to Wirex users in the EEA today.https://t.co/XK2HtjFEWW — Wirex (@wirexapp) September 17, 2020
According to the report, from now on, rewards will be up to 2% Cryptoback™ rewards for all Wirex card spending (online and in-store), along with up to 6%t rewards on customers’ native Wirex(WXT) Token balance annually.
Wirex is also rolling out several other new features, building on a partnership with payments solution company LHV ahead of the Mastercard offer.
In the European Economic Area, the new features now LIVE, include support for five new currencies:
Likewise, earlier this year, the platform hit over three million active users, seeing adoption among more mainstream users “who are not typically hardcore cryptocurrency users.”
The #crypto card landscape will soon see a new multicurrency addition from Wirex, with support from Mastercard https://t.co/vO3orvlo7Y — Cointelegraph (@Cointelegraph) September 17, 2020
“As a company, we have always believed that Wirex will play a pivotal role in the mass adoption of digital currencies and the inevitable shift from a fiat to a token-based economy; the new product confirms this. While other platforms creep towards mainstream adoption through iterative updates and improvements, Wirex makes the everyday use of digital currencies mainstream now”. – Pavel Matveev, CEO and Co-Founder, Wirex
Thus, Wirex’s service allows users in 130 countries to spend their cryptocurrencies and fiat currencies using an existing dedicated Visa card and mobile app.