Wirex Limited, the company behindE-Coin, announced on Feb. 25 that it is set to debut a new hybrid banking solution this month.
A waiting list has been created for Wirex, which uses blockchain technology to allow the secure exchange of virtual and traditional currencies.
“Wirex was developed with the input of customer feedback,” said Dmitry Lazarichev, co-founder ofWirex. “For example, we received feedback that our customers were looking for two-way Bitcoin [debit] cards with the ability to switch between Bitcoin and fiat currencies. Now, that is one of Wirex card’s main features.”
There are three key features of Wirex, one of which Lazarichev described. The two-way debit cards will allow customers to convert Bitcoin into traditional currencies (U.S. dollars, British pounds, euros) and “lock in” rates in advance.
Instant remittance service is another feature of Wirex, which was designed using blockchain technology. Money transfers will be able to be conducted quickly and securely via Wirex.
Finally, Wirex will be accessible with an app, which is set to debut on both iOS and Android. It includes the security features of BitGo, and all funds are protected under XL Group, an insurance service provider.
Users will be able to integrate their individual Wirex accounts with PayPal, Amazon and Skrill. Future partnerships may arise, but it’s not a primary objective for Wirex Limited at the moment.
“Our main focus now is to ensure the Wirex platform works flawlessly with PayPal, Amazon and Skrill,” Lazarichev continued. “We believe that quantity is not important if the quality is sacrificed. As we work with more companies, we will make the announcement through our Twitter@wirexapp andblog.”
When Wirex debuts, it will be available in 130 countries around the world. The debit card will be usable at millions of shops and ATMs. Lazarichev believes that much of its initial success may be seen in developing nations.
“We are growing the fastest in developing countries,” he said. “Wirex is appealing to this market because we offer financial solutions combining both digital and traditional currencies that are very easy to use. From feedback, our customers in these countries are very keen to try mobile banking, want remittance services with instant features, and benefit from Bitcoin debit card.”
Wirex Limited’s first big venture, E-Coin, gained 100,000 users within its first year and processed more than $2 million in monthly transactions.
This is a guest post by Krystle Vermes and the views are those of the author.