(Kitco News) - Cryptocurrency payments platform Wirex announced that it has signed a long-term strategic global partnership with the leading global payments network Visa as part of the firm's goal to expand into the Asia Pacific (APAC) region and the U.K.
Through the partnership with Visa, the London-based Wirex will be able to directly issue crypto-enabled debit and prepaid cards to users in over 40 countries throughout the APAC region, the U.K., Europe and the United States.
Partnering with Visa also enables Wirex to offer “new and innovative products” meant to help people utilize crypto in their everyday lives, improve the user experience, and pilot new blockchain initiatives, the press release said.
Wirex currently has more than 5 million customers worldwide, with its largest customer base located in the U.K. The firm is seeing its most rapid growth in APAC after it was chosen as a finalist for the SFF Global Fintech Awards at the Singapore Fintech Festival in November of last year.
Visa and Wirex have an established working relationship that dates back to 2015 when the companies collaborated to offer the world's first crypto-enabled card – which allowed users to buy, hold, exchange, and sell multiple fiat and cryptocurrencies, as well as making purchases at over 80 million locations where Visa is accepted.
"Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants,” said Matt Wood, Visa’s Head of Digital Partnerships for Asia Pacific. “We're excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region."
Wirex indicated that it will continue to work with Visa moving forward to expand its services and roll out its card program worldwide. The crypto payments company said it will be announcing a partnership for card issuance in Australia in the coming weeks.
Bakkt shifts its focus to businesses
Bakkt Holdings, a digital asset platform that specializes in helping companies across industries integrate cryptocurrencies and blockchain technology into their loyalty programs, has announced that it will be discontinuing its consumer-facing Bakkt app and will instead focus on creating scalable business-to-business-to-consumer (B2B2C) solutions.
“As we continue to gain traction with our B2B2C strategy, we are laser focused on providing our partners and clients with seamless solutions that best serve their needs,” said Gavin Michael, President & CEO of Bakkt. “The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers. With this move, we are focusing our investment on our core solutions that have product-market fit and are positioned to scale quickly.”
The firm indicated that it will “continue its core focus of providing businesses with crypto and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform.”
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Last November, Bakkt entered into an agreement with Apex Fintech Solution to purchase Apex Crypto, a turnkey platform for integrated crypto trading that provides services to more than 30 signed fintech partners and serves more than 5 million customers.
“The pending Apex Crypto acquisition further affirms Bakkt’s B2B2C approach and go-forward strategy of bringing crypto products to a broad universe of client verticals,” the company said in the press release.
Current Bakkt App users will have their data and funds transferred over to a new Bakkt platform which will be accessible via the web from all devices. The Bakkt App will officially sunset on March 16.
