Wirex adds Ripple wallet, crypto conversion for Visa payments
Digital money platform Wirex has added a Ripple cryptocurrency wallet to its portfolio, giving its users the ability to exchange and spend Ripple's XRP token through their Wirex Visa cards.
The Ripple wallet will be made available to the 1.7 million clients in 130 countries that London-based Wirex supports through an integration of traditional and digital currencies via multi-currency accounts and exchange services.
MoneyGram initiated a pilot in January for Ripple's XRP asset, testing Ripple's philosophy that it could move digital money as quickly as digital information. Other payments companies have also turned to the Ripple cryptocurrency as a way to improve the speed and efficiency of cross-border payments.
"Ripple's stability, and the innovative technology behind it, was the main reason that we chose XRP to be our next altcoin offering," Wirex co-founder Dmitry Lazarichev said in a Tuesday press release. "Its incorporation into banks, payment providers, digital asset exchanges and corporates is what makes it stand out from other cryptocurrencies."
The XRP token operates on the RippleNet network and can be used by both individuals and businesses to send payments around the world quickly at a low cost, Wirex said.
“XRP has gained a reputation as a stable altcoin with a strong underlying offering,” Wirex co-founder Pavel Matveev said in the release. “While the value of most cryptocurrencies is influenced by the oscillations of Bitcoin, XRP is independent of the Bitcoin blockchain."
As such, XRP "has grown considerably in value — with some significant gains in the last year," Matveev added. "We are thrilled that we are able to offer this innovative new wallet on the Wirex platform, as there has been an increasing demand for the token.”
The Wirex Visa card is currently available only in the European Economic Area countries, and the company plans to expand into other regions in the coming months.