Wirex selects new debit-card provider to replace Wirecard

British online-banking platform Wirex has entered into a partnership with Railsbank to issue debit cards that support cryptocurrencies in the Asia-Pacific region. The previous provider was the bankrupt German company Wirecard.

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It is our pleasure to announce that we’ve teamed up with renowned open #banking platform, @railsbank!

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Railsbank is now responsible for issuing Wirex cards to our ever-growing customer base in Asia-Pacific. 🚀#WirexAPAC #CryptocurrencyNews #Paymentshttps://t.co/Ti9Z6SswDM

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— Wirex (@wirexapp) August 26, 2020

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According to the press release, Wirex cards belonging to existing customers in the region will be automatically migrated to Railsbank.

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Wirex said that the platform’s prepaid cards allow spending in up to 20 fiat and digital currencies at more than 54 million points of sale worldwide.

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The platform’s user base has reached 3 million customers, largely due to rapid growth in the Asia-Pacific region, the firm noted.

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Railsbank’s head of sales, Louisa Murray, said that migration preparation took less than 45 days. She added that many companies are now approaching the firm with similar requests.

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For details on how Wirecard, ranked among the top 30 German companies by market capitalization, ended up with a €2 billion hole and went bankrupt, read ForkLog:

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How Wirecard collapsed: dubious customers, fake reports and a €2 billion hole

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In July, Wirex became the first native cryptocurrency platform to receive licensed participant status in Mastercard’s network.

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