WireX, licensed by the UK Financial Conduct Authority FCA, allows cryptocurrency users to spend cryptocurrencies with a special Visa card. Wirex, an American-based fintech company, has conducted a successful pilot study in four countries over the past few months. It launched IBAN support for accounts opened in Spain and France in September. It was later added to two other countries in Italy and Germany. In addition, the company increased funding limits for accounts in the EEA to 15,000 pounds, 16,000 euros and $ 20,000.
Users with this card can spend 9 different cryptocurrencies. According to an announcement from WireX, users will be able to deposit and spend with XLM tokens using this service.
The company is also considering printing 26 stablecoins, the price of which is fixed on fiat currencies such as USD, EUR, GBP, HKD and SGD.
It is noted that most of the stablecoins in the market are fixed to the US dollar, and that providing diversity “will allow fast international transfers without the need for local liquidity providers”.
According to WireX, the stablecoins that will be printed will be the first stablecoins that can be instantly converted from over-the-counter and interbank rates to crypto or fiat coins. The Stellar blockchain is relatively scalable, and the two companies have two common goals, such as acting as a bank for those who do not have access to the bank and democratizing finance.
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