Wirex, leading cryptocurrency payment processor, headquartered at the United Kingdom recently collaborated with Stellar (XLM) and announced that the company will be launching 26 cryptocurrencies backed by fiat currencies on the Stellar network. The news was revealed on the company’s official website on 24th April 2019.
Wirex is a payment platform which has permitted to perform its operations in the UK by the Financial Conduct Authority (FCA) of the country. Wirex allows its customers to use a unique Visa card to convert and spend several types of cryptocurrencies. Now, the Wirex users can use the same Visa card to spend XML token, with this development, there will be 9 more digital currencies that will be offered to its users. Only at places where Visa card is accepted, users can spend cryptocurrencies.
Apart from this development, the company also mentioned the launch of its next project backed by fiat currencies. The company will introduce 26 new Stablecoins to users on the Stellar Blockchain Network. The fiat currencies include USD, Singapore dollar, the British pound, the Euro and Hong Kong dollar.
At the same time, Wirex also revealed that its customers can spend the Stablecoins by only using the company’s multi-currency Visa card – Wirex card. As of now only 8 types of cryptocurrencies and 10 fiat currencies are supported by the Wirex card.
Adding to it, the company informed that the user can instantly convert the Stablecoins to fiat currencies or other cryptocurrencies at interbank and over the counter rates. This will allow the user to easily transfer currency to different parts of the world.
“Our 26 Stablecoins represent the first fiat-pegged cryptocurrencies that can be used seamlessly in day-to-day-life- online, at ATM’s and in shops, restaurants and supermarkets- thanks to the Wirex Visa card.”
Redemption, merchant settlements, remittances and token issuance are most likely to adopt the new Stablecoins.
Co-founder of Stellar, Jed McCaleb commented over the partnership mentioning that they are delighted to work with Wirex and more excited to release its new Stablecoins to help create the currency to be accessible by everyone and more fluid.
Why Wirex Choose Stellar Blockchain Network?
There are various cryptocurrencies, more popular and adopted by most of the communities such as Ethereum and TRON then why has Wirex selected Stellar Blockchain Network to implement its project?
The firm replied to the selection of Stellar as Stellar Network has advanced security and scalability features and is cost-effective to carry real-time transactions. It has partnered with Stellar because the firm is licensed by FCA and shares the same objectives of Wirex – trying to expand banking facilities to developing countries wherein people are unbanked and have limited approach to financial organizations.
Wirex is even planning to include lumens (XLM) the native token of Stellar to its offerings lists and has announced about the development.
IBM has used Stellar for its World Wire payment network, and this clearly signals the ability of the Stellar network to deliver.
Wirex co-founder, Pavel Mateev stated: “Joining forces with Stellar makes perfect sense for us, both companies share a greater goal-encouraging the mass adoption of digital currencies and transforming the way people make payments.” Further Mateev said that they are happy to include XML to the list of Wirex platform and even more delighted to launch its first Wirex Stablecoins.”