FinTech firm Wirex has become the third crypto-oriented company to be approved for an e-money licence by the the UK’s Financial Conduct Authority.
“Wirex pursued an FCA e-money licence to improve and refine its e-money services throughout the EEA (European Economic Area),” says CEO Pavel Matveev. “Having our own principal licence, instead of our existing FCA agency licence, means increased efficiency and lower costs.”
Better services for its users
Maatev says that Wirex, a prepaid debit card that converts crypto into fiat currency for everyday use, is now in a position to improve services to users in the long-term by reducing intermediaries.
“This means a more responsive user experience, lower costs, and faster processing across the entire range of services,” he adds.
Wirex co-founder Dmitry Lazarichev assures that the licence will not affect how the venture deals with current customers. “But, customers will benefit from more streamlined services and potentially even lower rates than we currently offer.”
He also says that the approval of the licence should give Wirex’s 1.8 million users the assurance that its priority is to provide them with “the best-in-class platform and accompanying service”.
Wirex adds Ripple
In July, Wirex added Ripple’s XRP cryptocurrency to its portfolio, saying that users could exchange and spend Ripple like fiat currencies.
In March, the FCA granted an e-money licence to US-based crypto exchange and wallet service provider Coinbase. The FCA’s approval applies to the firm’s fiat, not cryptocurrency, dealings.
Also in March, the regulator extended its 2016 regulatory sandbox, with the objective of accelerating global cooperation in the financial sector. It accepted two British crypto companies, Globacap and BlockEx, to the sandbox in June and July, both of whom are reportedly developing blockchain applications for a range of financial services.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.