Cryptocurrency debit card provider Wirex has introduced Iban support for all EUR accounts in the past few weeks. Users in the European Economic Area (EEA) are now able to fund their accounts by bank transfer and receive euro payments. They can also have their salary deposited directly into their Wirex account.
Iban Added to Wirex Accounts in the EEA
The U.K.-based fintech startup has rolled out Iban functionality across Europe after a successful pilot in four countries over the last couple of months. In September, the company launched Iban support for accounts opened in Spain and France. Later Italy and Germany were added. U.K.-registered accounts had Iban numbers even earlier. The company also raised the funding limits for account holders in the EEA to £15,000, €16,000 and $20,000.
Iban, or international bank account number, is a system of identifying bank accounts that allows international payments. Each Iban is unique and consists of up to 34 alphanumeric characters representing country code, domestic bank account number, branch identifier, and routing information. The Iban also has two check digits which allow the verification of the number and reduce the risk of errors.
Wirex has been a popular choice for cryptocurrency users in Europe since it became the first platform to reintroduce crypto debit cards after they were suspended by Visa last year. Its cards allow users to spend several major cryptocurrencies – bitcoin core (BTC), litecoin (LTC), ethereum (ETH), and ripple (XRP) – in stores and online, anywhere Visa is accepted. That’s possible thanks to instant conversion to three leading fiat currencies – British pound (GBP), euro (EUR) and U.S. dollar (USD). Wirex wallets support all three currencies and can be linked to the Wirex plastic and virtual cards.
Expansion in North America
The British fintech startup has announced plans to offer its services to customers in North American markets. In August, the company was granted a Fintrac and Money Service Business registration by regulators in Canada, where users can already set up and use Wirex cryptocurrency wallets. The next step is to introduce fiat currency accounts and start issuing contactless crypto debit cards.
Wirex is also preparing to launch in the United States. The company recently posted in its blog that it’s currently looking for beta testers to trial its onboarding process in the U.S. In the announcement, Wirex detailed:
We’ll soon be testing our market-leading offering on American soil for the first time. We’d like to know your thoughts – what you like, what you don’t like and if you detect any bugs that may need our attention before the launch.
Residents of seven pilot states, Nevada, Alaska, Virginia, Tennessee, Massachusetts, Louisiana, and Montana, who have a registered Wirex account have been invited to apply. Wirex will grant approved candidates access to the testing program and they will be able to try its new features before the service is rolled out to the public in the U.S.
What do you think of Wirex adding Iban support for European accounts? Tell us in the comments section below.