Visa Launches Principal Membership To Wirex Crypto Card Company

Visa launches principal membership to the Wirex crypto card company which means that the company can issue cards via the payments giant as well as other perks that we will learn about in today’s cryptocurrency news.

Wirex is now a principal member of the Visa payments giant which means it can issue a Visa account and process transactions. The company will soon launch a card in the US. Visa launches principal membership to Wirex, making it the second-crypto native company after Coinbase to get one. London-based Wirex now allows users to transfer crypto and traditional currencies across the world.

The company has a Visa card which allows users to make payments with their cryptocurrencies and it is also a principal Mastercard member. Wirex launched a Visa card back in 2015 which allowed users to pay with crypto by automatically converting it into fiat currencies in millions of locations across 130 countries where Visa is accepted. The new visa membership gives more autonomy as it can issue accounts by itself and process transactions too. The company is preparing for a US launch where a single currency Visa card will be rolled out.

We're incredibly proud to announce that we've become a Principal Member of @Visa – only the second ‘#crypto-native’ company in the world to achieve this 🙌https://t.co/7yeXiSXdMw pic.twitter.com/9OrUODNjqy

— Wirex (@wirexapp) December 22, 2020

Wirex has a cashback program as well dubbed CryptBack which rewards users when they hold the Wirex native token. The number of BTC-based cards is increasing as exchanges like Coinbase and Binance both have their Visa debit cards that allow users to convert crypto into fiat for everyday purchases.

Crypto debit cards got quite a bad rep this year when the German company Wirecard that operated a few crypto cards filed for insolvency and lost about $2 billion. Its CEO handed himself to the police after the arrest warrant was put out for him as he allegedly lied to investors about the major hole in the company’s finances.

As recently reported, Visa proposed new method for offline digital crypto payments after it released a paper looking at the benefits of central bank digital currencies and how they can be used offline. Central Banks across the world are researching new digital versions of their own currencies which are the central bank digital currencies. Visa proposed new method according to a research paper exploring how these currencies will be used to make transactions offline. Most countries across the world are in the research stage of developing a CBDC. Visa proposed an offline payment system for central bank digital currencies as per the research paper and it’s dubbed “Towards a Two-Tier Hierarchical Infrastrcutrue: an Offline Payment System for Central Bank Digital Currencies.”