Wirex, UK Crypto EMI

They’re crowdfunding on Crowdcube (finally!) and whilst I can’t share the stats, their revenue is surprisingly high. Exceeds any fintech bank or EMI.

Their MasterCard partnership looks good. And the multi currency looks like good competition for Revolut.

Not sure how much use I’d have for it personally though.

For me this is such a crowded marketplace, I wouldn’t think of investing in anything like this.

I also think I have no use for the product myself

I do believe that Crypto may eventually replace cash as a secure store of value, but I think it’s more likely to be a Bank of England “ePound” than the current cryptocurrencies.

Interesting article about Wirex.

A behind the scenes of a (crypto) EMI:

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Wirex are alleged to have stolen crypto from customers and then told them their accounts were hacked. :open_mouth:

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Their customer service is horrific and lots of people have lost their money to them.

I nearly opened an account but finding people who had a good experience is minimal

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After I saw the cashback wasn’t in a decent crypto I canned my card into a drawer (esp after hearing about the poor reputation)

In my opinion it’s a ticking time-bomb and a massive crypto scandal that could tank exchange coins massively

I have a wirex account and what is happening is no surprise.

The FCA and the Bank Of England governor have made it clears its wish to regulate Cryptocurrency. Most cryptocurrency supplies are outside the UK regulatory system.

It is no surprise as soon as WireX is under the FCA they are now being looked into with mirror glass, and whatever happens with WireX will happen with other crypto providers that wish to trade in the UK.

First, there was an announcement that they are not taking any UK customer on, the next thing was an email regarding evidence of the source of income and now restricting transfer in and out of the fiat money account that is regulated by the FCA.

Hopefully, they will overcome these difficulties, at the moment Wirex is the only(or very few) providers that allow you to spend your crypto without the needs to manually transfer money over to cryptocurrency. They are one of the most competitive price-wise when it comes to transferring fiat to crypto and vice verser.

Hopefully, they get through this and come out positively and one of the very few UK regulated and FCA approved crypto providers.