Wirex- a digital payments company, released a major update for their platform, Wirex 3.0 and at the same time added ten new fiat currencies, according to a press release published today that quickly reached our blockchain news.
With the update, all of the Wirex users that belong to the European Economic Area (EEA) can easily access ‘’unconditional access’’ to over-the-counter rates for the crypto exchanges but also for the interbank rates for traditional crypto exchanges.
According to the press release, it is clearly explained that the update brings a couple of new features for the residents in the Asian-Pacific region but also for the residents living in Canada, can operate their Wirex accounts using their local fiat currencies for the first time ever.
The statement described in the press release on Wirex’s Money Management page, the newly updated platform is not providing support for 15 fiat currencies including the newest ones such as the Hong Kong Dollar, The Australian Dollar (AUD) and the Singapore Dollar.
Additionally, with the latest platform update, new ways for transferring money are secured, in and out of bank accounts enabling support for the UK-based payments, SWIFT and SEPA. The new Wirex 3.0 platform will feature a transparent fee structure as well.
Back in August 2018, Wirex was granted an e-money licensed, more correctly the third one issued by the UK regulator the Financial Conduct Authority to a crypto-based firm.
Previously, another company for technology consulting GreySpark, issued a report that the United States dollar is one of the most actively traded fiat currencies against any other cryptocurrency.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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