Crypto paytech Wirex launches multi-currency card in Australia
Crypto payments platform Wirex has launched in Australia in partnership with card issuer Novatti, to directly issue cards to Australians.
Founded in 2014, the London, UK-based firm developed the first crypto-enabled debit card in 2015. It now claims more than five million customers and operates in the UK, Europe, US and APAC.
Through its partnership with Novatti, Wirex will be able to directly issue cards in Australia, offering customers a higher card spend limit, up to 8% rewards, no foreign exchange or maintenance fees, international ATM withdrawals free up to AU$400 a month, and fiat-to-fiat exchanges.
To sign up, users will have to go through full know your customer (KYC) checks with transactions and processes meeting “stringent” anti-money laundering (AML) requirements, Wirex says.
Australia has one of the highest levels of crypto adoption in the world, the firm adds, making it an “important market” as it looks to leverage Novatti’s technology and close the gap between traditional and digital economies.
“As we grow our operations in Australia, we’ve strategically chosen to partner with a trusted Australian headquartered company, Novatti, to issue cards,” explains Svyatoslav Garal, managing director of APAC at Wirex.
Wirex’s expansion in Australia follows news of its comeback in the UK in June last year, following discussions with the UK Financial Conduct Authority (FCA).