A new cryptocurrency user is likely to worry about its use in day to day activities. Due to security issues, merchants don’t readily accept cryptos as legal tender when making general purchases. However, there are numerous companies who offer debit cards linked to cryptocurrencies for a smoother process. Wirex Visa is one such company that obtained legal approval from the UK Financial Conduct Authority to offer these debit cards.
Mandatory Approval of FCA
The FCA is responsible for checking the security of the banking system in order to protect its integrity. Therefore, the FCA is accountable to the UK Treasury. After the 2008 banking fiasco, the laws of the FCA have been highly stringent. Around 56,000 financial services and markets received approval from the FCA to conduct business. This approval process takes approximately 12 months to complete for new applications.
Economical International transactions
Aligning crypto banking with traditional banking allows users to transact instantly worldwide at minimum cost. Therefore, the ability to use cryptocurrency for transactions via a Visa card opens a myriad of possibilities, reaching even beyond blockchain.
Eliminating exchange rates and transaction fees will definitely attract more users. This new technology will prove beneficial not only for individuals, but for organizations as well.
How will the technology evolve?
Although options such as Wirex Visa are fairly new technology, users will most certainly adopt it with time.
Experts expect groundbreaking financial solutions like Wirex Visa to become increasingly mainstream over the next two to five years. The founders of Wirex Visa believe in establishing an organization that is a secure alternative to banks. They aim to attract a higher number of customers who are able to use regular, as well as cryptocurrency.
For users who do not have access to the present banking system, Wirex Visa aims to reach 2 billion people globally. The entire concept revolves around making the system convenient and affordable.
What is Wirex Visa?
Wirex Visa is a London-based platform. It is the first in Europe to offer free debit cards linked to cyptocurrencies, and supports over 50 altcoins. These cards are sustained by the API application, and are able to facilitate conversion into major currencies like dollars, euros and pounds.
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