Tag: card

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

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

Blockchain.news 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.

Already Driving Real-World Crypto Usage, Gleec Team Launches New Exchange

The global crypto ecosystem only expands as users realize the real-world applicability of digital assets and distributed ledger technology. Alone, the worldwide blockchain market size projects to grow to $23.3 billion by 2023 hinged on an 80.2% compound annual growth rate. Market size totaled $1.2 billion in 2018.

Tangible and intangible asset management has also become more efficient due to tokenization and fractionalization across the crypto world. These endeavors present liquidity opportunities for assets not found in the traditional fiat world.

Projects like Gleec focus on fostering the real-world use of cryptocurrencies through a range of products that streamline and simplify the ability to buy, sell, trade, and store digital assets. Following in the footsteps of the native Gleec Coin, the recently-introduced Gleec BTC digital asset exchange to speed up mass crypto adoption.

Gleec BTC’s Exchange: Building On Scalable Solution’s Software

The newly-minted Gleec BTC exchange allows users to trade the native Gleec Coin along with GLEEC/BTC, GLEEC/EUR, and BTC/EUR trading pairs. The exchange features an accompanying Google Play and Apple iOS app for users to access, according to the project’s team.  

Licensed in Estonia by the nation’s Agency of Economic Activities, the Gleec team utilized white label software from Scalable Solutions to craft the exchange.

Scalable Solutions, founded by Mark Berger, works with companies to harness technologies like Microsoft Azure with .NET and Open Source while focusing on product engineering services. Scalable Solutions is known across the crypto world for its industry-leading trading engine that has facilitated exchange growth.

Gleec CEO and co-founder Daniel Dimitrov remarks how “after listing Gleec Coin on exchanges that run on Scalable Solutions’ infrastructure and starting to actively trade on them, we realized the potential of the underlying exchange technology. We then decided to replace our existing exchange infrastructure for Scalable’s in order to provide our wide user base with the best trading experience in the market.”

The Gleec BTC exchange will profit from deep liquidity and a modular technological approach that aids in scalability. According to the Gleec Team, the user experience remains a priority through traceability, guaranteed security, and steps to promote transparency as coins are bought, sold, traded, and stored on the exchange.

Part Of A Stepping Stone Towards The Future

In the midst of launching the new Gleec BTC exchange, the native Gleec Coin is also listing on the Bittrex and Bithumb exchange.

Plans also include a prepaid Visa Gleec Card that gives holders the ability to spend Gleec Coin in more than 40 million worldwide terminals. 

Three years after the launch of Gleec Coin, the team hopes the newly-launched digital asset exchange benefits the cryptocurrency community as a whole. 

Image source: Gleec

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