Wirex Diversifying into Traditional Finance

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  • Wirex has launched 9 fee-free forex trading pairs and a ton of other banking features
  • On top of this, Wirex is also taking pre-orders for its new point-of-sale conversion cards
  • Wirex really is starting to stand out as leader of the pack in its industry

Wirex just held and completed one of the most successful crowdfunding rounds in the crypto world, securing more than £3,000,000 in the process. On the back of this, Wirex has announced its intentions to expand into the USA by the end of 2020, and it looks on track to do so.

Over in Europe, Wirex is doubling down on its services, looking to compete with some of the other big-names in the fintech world. Its latest update gives users the ability to trade forex for free in 9 different currencies. On top of this, users can now get a multi-currency IBAN and take advantage of free SEPA transfers.

Watch Out, Revolut

Revolut has long been crowned the king of the European fintech world, despite barely turning a profit. Revolut began in the traditional financial markets, offering digital bank accounts to its users, then adding crypto in later. Wirex has gone for the reverse approach, starting out with crypto and then moving into traditional finance.

Crypto users can see and reap the benefits this angle has, allowing Wirex users to gain access to an unparalleled number of cryptocurrencies. As it stands, Revolut only offers crypto CFDs, which will become banned in the UK as of 2021. This is a huge advantage for Wirex, and now it’s adding banking features, Wirex could become the Revolut killer.

Point-of-Sale Conversion is Coming

Wirex has long been heralded as the European leader of the Bitcoin debit card. But, like all others in Europe, Wirex still requires you to convert your crypto into fiat and top up your card before you can spend it. Coinbase was the first to scrap this idea and implement a point-of-sale instant conversion, meaning that you can hodl crypto in your wallet and your card will automatically convert enough to cover your purchase.

Not one to lag behind, Wirex is currently working on implementing this feature on its new cards. You can currently join the waiting list for this highly-anticipated feature, but there’s no rollout date listed anywhere. So, for now you’ll just have to wait in line like the rest of us.

Wirex is Changing the Game

Wirex is completely changing the game when it comes to traditional finance and crypto hodling. If Wirex can pull off point-of-sale conversions with its cards, it will instantly become a gamechanger that’s a must-have for all crypto fans. If it carries on innovating this way, fintech firms such as Monzo and Revolut could have a fight on their hands to regain dominance!