After XRP listing, Wirex now acquires e-money license, next step in mass adoption

On 23rd August, Wirex announced that they had become the third cryptocurrency based company to be granted a United Kingdom Financial Conduct Authority e-money license. With this upgrade, Wirex now has the right to be involved in cryptocurrency related trade in the UK on a legal basis.

Wirex is a cryptocurrency and virtual card service that allows users to spend their cryptocurrencies through Visa and MasterCard cards. The Financial Conduct Authority is a UK government body that works with the basic aim to protect consumer rights and to ensure that the financial market remains integral for future trading. Wirex, post the announcement stated that:

“This e-money licence will boost trust in Wirex and cement our reputation as a global player.”

Wirex has stated that users need not worry about some drastic changes in the applications, with the company assuring them that the application, wallets and cards will be working normally.

Wirex Co-Founder, Dmitry Lazarichev stated that:

“The licence is a testament to the fact that the company is committed to pursuing and achieving the highest levels of diligence and integrity in its business operations. Wirex’s submission to the FCA’s jurisdiction should leave customers in no doubt that Wirex will provide them with a best-in-class platform and accompanying service”.

Wirex has also been on a roll with the application announcing that it will start XRP trading on the platform, allowing users to trade with Bitcoin [BTC] and Litecoin [LTC]. Wirex offers their users the ability to convert XRP to fiat and use it with their Wirex card. They can also deposit XRP from external wallets, and use the currency to buy, sell or exchange 50 supported altcoins. The wallet can be linked to the users’ debit or credit card as well.

In a twist on its usual cross-border remittance use case, Wirex offers the ability for users to exchange between US Dollar [USD], Great Britain Pound [GBP], and Euro [EUR]. Moreover, users can also use XRP to exchange with BTC and LTC. However, these features are only available to those in the European Economic Area.

After the latest FCA announcement by Wirex, fans of the application had a few comments about it.

Dennis, a cryptocurrency user stated:

“Are you guys working to make your card/app contain more currency, so you dont need a card for euro, and one for $  ect etc .”

BlueNET Crypto, a cryptocurruency fan page tweeted:

“Well done guys!! So glad to be part of this all..  If there is any way I can help promote please let me know! Have been using card and it’s really good for traveling.”