UK awards third E-money licence to crypto company Wirex

The FCA greenlights another operating licence to the company formerly known as E-Coin. 

Wirex, which re-branded itself a few years back, in early 2016 – having been previously known under the far more crypto-centric label E-coin since 2014 – is to be granted a e-money licence by the UK’s Financial Conduct Authority. It will be the third that the Authority has issued thus far.

The recipient company is Wirex, whose main product is a cryptocurrency payment card, which by September 2017 had registered $1 billion of transactions and 800,000 users, according to Finance Magnets.

Wirex’s service converts crypto into pounds, euros and dollars, allowing users to spend their hodlings using its pre-paid cards. It currently supports this process with over 50 coins, having added Litecoin earlier this year.

Quoted by Finance Magnets, Wirex co-founder Dmitry Lazarichev said of the development: “The licence will not materially affect how we engage with our current clients, although they will benefit from more streamlined services and potentially even lower rates than we currently offer.”

Wirex joins Coinbase – the  US’ biggest exchange – in getting its mitts on a license, allowing it access to banking services within the UK, and thus the EU (at least for now). In an environment where cryptocurrency related businesses have come under increasing scruting, it is also considered an notable thumbs up.