Wirex, a London bitcoin wallet and payment card provider, announced on August 23 that it is the third crypto-enabled company to receive an e-money license from UK financial regulators.
The license, which is granted by the United Kingdom's Financial Conduct Authority (FCA), allows the company to provide electronic money and provide payment services throughout the European Union and the European Free Trade Association, according to public registers.
In response to the approval, Pavel Matveev, the co-founder of Wirex, said in the release that it was an attempt to "improve and refine its e-money services around the world. [European Economic Area]. "
"Having our own main license, instead of our existing FCA agency license, means increased efficiency and lower costs."
More specifically, according to Kelly Horn, a media representative for Wirex, the license will provide Wirex capability to provide faster and more responsive service with lower rates for its customers.
Wirex, formerly known as E-coin, is a cryptocurrency service provider established in 2014. The crypto-startup announced in May that it began to sell its payment cards to EEA residents.
Matveev added that the company is also looking for licenses in other markets, including Singapore and Japan, while the company continues to work on the expansion of its international operations.
Wirex app image via Shutterstock