Wirex, the UK-based cryptocurrency payment processor that is licensed by the Financial Conduct Authority (FCA) has partnered with Stellar (XLM) to offer nine new digital currencies, according to a press release.
Wirex users can now spend lumens (XLM) on the Wirex platform, but the announcement also revealed “the release of a secure Wirex XLM account is just the first phase of a revolutionary new partnership between Wirex and the Stellar network.” It goes on to say, “We plan to build 26 traditional currency-backed Wirex stablecoins on the Stellar network, a move that represents a huge leap forward on the road to a genuine token economy — and an exclusive opportunity for our retail and corporate customers.”
This move would make Wirex the first company to offer stablecoins pegged to a large variety of international fiat currencies, including USD, EUR, GBP, HKD and SGD, as most stabelcoins are currently linked to the USD. The company hopes more variety will allow “for swift, international remittance without the need for local liquidity providers.”
Furthermore, the release states: “Our 26 stablecoins represent the first fiat-pegged cryptocurrencies that can be used seamlessly in day-to-day life — online, at ATMs and in shops, restaurants and supermarkets — thanks to the Wirex Visa card.”
The press release also explains that Stellar has been chosen as a partner because it is an FCA-regulated company, plus it has a relatively scalable blockchain and shares Wirex’s goal of banking the unbanked and democratising finance.
Wirex raised $3 million in March this year from Japanese SBI Group to develop new features and support expansion plans.