Payment Processor Wirex Partners With Stellar, Plans to Launch 26 Stablecoins

Published at: April 25, 2019

United Kingdom-based cryptocurrency payment processor Wirex partnered with Stellar (XLM), the company announced in a press release on their website on April 24.

Wirex is a company licensed by the U.K. Financial Conduct Authority (FCA) that allows crypto users to spend their cryptocurrencies with a dedicated Visa card, with a new total of nine digital token offerings. Per the announcement, users will now be able to also deposit and spend their XLM tokens through the service.

Wirex has also announced plans to launch 26 stablecoins pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD. Wirex points out that currently most stablecoins are pegged to the U.S. dollar, and notes that the company hopes more variety will allow “for swift, international remittance without the need for local liquidity providers.”

Wirex claims in the announcement that those are the first stablecoins that can be instantly converted into crypto or fiat currencies at over-the-counter and interbank rates.

Lastly, the post explains that Stellar has been chosen as a partner because it is an FCA-regulated company, the relative scalability of its blockchain and the shared goal to bank the unbanked and democratize finance.

As Cointelegraph reported in March, Wirex has raised $3 million from Japanese SBI Group to develop new features and support expansion plans.

Earlier today, a press release shared with Cointelegraph stated that payments services firm Bitspark is releasing a cryptocurrency pegged to the Philippine peso (PHP).

Yesterday, TrustToken announced that it will release four new stablecoins this year that are pegged to Australian dollars, euros, Canadian dollars and Hong Kong dollars

Tags
Blockchain
Cryptocurrencies
Stablecoin
Payments
Stellar
Related Posts
Peruvian stablecoin launches on Stellar blockchain
Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru, Cointelegraph en Español reports. Pegged to Peru’s official fiat currency, the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions to other fiat currencies as well as “any other digital asset,” the firm announced Saturday. Called the “digital sol,” the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform. According to the announcement, the digital sol is already available …
Adoption / Sept. 28, 2021
IBM Hints at Stablecoin Cross-Border Payments Solution for Financial Institutions
The head of blockchain solutions for IBM, Jesse Lund, has hinted that bank-targeted stablecoins will be a major forthcoming development for the tech giant’s blockchain-powered cross-border payments solution. Lund made his remarks during an interview on financial news channel Cheddar on March 15. While more details are set to be imminently announced next week, Lund told Cheddar that “market demand” is driving IBM to develop a stablecoin solution for financial institutions. “More than a few banks around the world [...] see tremendous business benefit to issue stablecoins in their native fiat currency,” he said. When asked how IBM’s solution compares …
Adoption / March 15, 2019
Hedge fund giant Marshall Wace to reportedly dive into crypto
Marshall Wace, a London-based hedge fund giant managing about $55 billion in assets, is reportedly planning a major move into cryptocurrency and blockchain investment. The hedge fund firm is preparing to launch a dedicated portfolio, targeting investments in the digital asset industry, the Financial Times reported on Tuesday. Citing anonymous people familiar with the matter, the report notes that the new initiative will focus on investing in privatelyowned digital finance companies working in areas like blockchain technology and payments systems for digital currencies and stablecoins. It is believed that Marshall Wace’s new digital finance portfolio will be headed by Amit …
Adoption / July 6, 2021
OmiseGo Joins Crypto Coalition Universal Protocol Alliance
OmiseGo, a finance-oriented scaling network for Ethereum (ETH), has become a member of Universal Protocol Alliance, a coalition of blockchain and cryptocurrency-focused firms. Targeting financial services and tax collection In a press release shared with Cointelegraph on Oct. 8, the startup revealed that it will incorporate the Universal Protocol Platform UPT utility token into its payment processing technology. By doing so, OmiseGo intends to let stakeholders to use UP stablecoins for financial services and tax collection, as well as collect transaction fees. Dan Schatt, co-founder of the Universal Protocol Alliance, said that OmiseGo’s technology “will help support the mass adoption …
Blockchain / Oct. 9, 2019
CBDC activity heats up, but few projects move beyond pilot stage
Government-issued electronic currency seems to be an idea whose time has come. “More than half of the world’s central banks are now developing digital currencies or running concrete experiments on them,” reported the Bank for International Settlements, or BIS, in early May — something that would have been unthinkable only a few years ago. The BIS also found that nine out of ten central banks were exploring central bank digital currencies, or CBDCs, in some form or other, according to its survey of 81 central banks conducted last autumn but just published. Many were taken aback by the progress. “It …
Adoption / May 16, 2022