Wirex, a leading crypto payments platform, has announced a long-term strategic partnership with payment giant Visa (NYSE: V) to expand its footprint in the United Kingdom and the Asia-Pacific (APAC) region.
Under the partnership, Wirex will directly issue crypto-enabled debit, and prepaid cards for assets like Bitcoin (BTC) to more than 40 countries, the crypto payment firm said in a press release on February 13.
The partnership will support further collaboration in significant markets such as Europe, the USA, and APAC between two countries.
Expanding crypto payment services
The development is another milestone for Wirex, which has over five million customers globally, with the UK as its largest customer base and rapid growth in APAC. The partnership is expected to empower more people to access the benefits of crypto.
“Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region,” said Matt Wood, Head of Digital Partnerships, Asia Pacific at Visa.
Elsewhere, Svyatoslav Garal, Regional Managing Director of Wirex APAC, pointed out that Visa’s safety, security, and innovation will help the company to continue developing a next-generation app and card.
It is worth noting that, although Wirex’s primary customer base is in the UK, it withdrew from the region’s Financial Conduct Authority’s (FCA) temporary registration regime before the full registration deadline. This means it now serves UK-based customers through a subsidiary licensed in Croatia.
Indeed, Wirex has long made it clear about its global expansion plans, an aspect backed by significant capital inflow from various backers.
Visa crypto expansion
At the same time, Visa has been making inroads into the crypto space, intending to launch several products after the firm filed trademarks for crypto wallets and the metaverse.
Back in 2022, the company also launched a no-limit Bitcoin card in the United Arab Emirates (UAE) alongside partnering with the now-collapsed FTX crypto exchange to offer crypto-backed debit cards in 40 countries.