Wirex Moves on From Defunct Wirecard, Secures New Partnership with Railsbank

Godfrey Benjamin   Aug 27, 2020 02:00

Crypto payment service provider and Visa principal member, Wirex has finally moved on from Wirecard, the bankrupt payment giant, who has served as the firm’s card provider to date.

Wirex confirmed the move with the announcement of a new partnership with Railsbank that will see the London-based FinTech provide Wirex cards in the APAC region.

The firm claimed that the partnership with Railsbank is one of its many partnerships with regulated and trusted card issuers in different regions and represents a step forward for the firm. Wirex affirmed that the partnership helped the firm to carry out a rapid migration of existing and new customer’s accounts away from Wirecard in the APAC region, and into Railsbank.

“Wirex’s new partnership with Railsbank reinforces our core goal of protecting existing customers’ funds, whilst continuing to innovate in a legal and compliant manner. Working alongside them allows us to continue empowering our customers to buy, hold, exchange, and spend multiple traditional and cryptocurrencies whilst minimizing the risk to their funds.” Wirex Co-founder and Chief Executive Officer Pavel Mateev said in the official statement.

Wirex Breathes a Sigh of Relief From Wirecard’s Embezzlement Saga reported back in June that Wirecard, Wirex’s former card provider got embroiled in a $2 billion fund misappropriation as uncovered by external auditors. The ensuing financial dip eventually caused the German payment service provider to declare bankruptcy thus declaring itself unfit for business.

In the heat of the investigation, Britain’s top financial watchdog, the Financial Conduct Authority (FCA) suspended Wirecard Card Solution Ltd,  Wirecard’s subsidiary responsible for the issuance of Visa crypto debit cards, a situation that plunged the firm’s customers and partners into unfounded crypto card service disruption.

As detailed in the partnership announcement with Railsbank, Wirex says it is now better positioned to serve its 3 million customers, consolidating its growth for the past 18 months.

Image source: Shutterstock

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