Wirex has secured its first money transmission license in the United States, marking a significant step toward launching its “next-generation cryptocurrency platform linked to a spending card” in the country.
US Expansion Milestone
On Friday, Wirex announced that its U.S. subsidiary, Wirex USA, had been granted a money transmission license by the Georgia Department of Banking and Finance on July 30. The license authorizes the company to operate a cryptocurrency exchange business within the state of Georgia.
Harold Montgomery, Managing Director of Wirex USA, commented: “The license in the state of Georgia is the first success in Wirex’s approach to providing fully compliant cryptocurrency management capabilities in the hands of its customers.” The UK-based firm confirmed: “We’re planning to launch our services in the US in the coming months.”
Wirex already serves over 3 million customers across 130 countries, and its Visa card can be used at more than 54 million merchant locations globally. The company is regulated by the UK’s Financial Conduct Authority and holds a license to issue cards in Europe.
Product and Ecosystem
Wirex currently supports 19 cryptocurrencies and traditional fiat wallets, including USD, SGD, AUD, JPY, HKD, EUR, GBP, CZK, MXN, CAD, CHF, BTC, ETH, LTC, XRP, WXT, DAI, NANO, and XLM. In addition, it offers the Cryptoback rewards program, which automatically gives customers up to 1.5% back in Bitcoin for every in-store purchase.
Last month, Wirex became the first crypto-native platform to secure a Mastercard principal membership. This enables Wirex to “issue payment cards directly, offering even more convenience, reduced costs and faster transactions on a platform that is striving to make all currencies equal,” the company explained.
With its first state license in hand, Wirex plans to expand into additional U.S. states, potentially leveraging reciprocity agreements. As demand for crypto-linked payment cards grows in the U.S., Wirex will compete with offerings from Coinbase, Crypto.com, and others.
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