WireX bank account

Something worth keeping an eye out on:

They will be offering a real bitcoin account with a UK account and sort code.

Also another Crypto Service specrocoin is in the process of starting a new service:

They reported to have raised 100m euros and have purchased a bank to obtain a banking license.

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Given how expensive it is for transaction processing on BTC and many of the clones, and how the value of Crypto Currencies are dropping, it feels like it’s not a good fit for a regular bank account.

As an example a single transaction was costing over $12 USD to process! No bank account would be acceptable with account fees like that.

I think it’s too early for businesses to be getting into the Crypto banking space.

Nick, correct.

You do know there are other digital currencies, such as litecoin and dash slowly increasing in popularity.

Just point out Wirex have now starting to issue the following to their BitCoin service

  • UK Account Number/Sort Code
  • Swift Code
  • VISA Virtual Cards for spending the bitcoin
  • Physical cards to be issued in a few weeks
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Wirex recently was on Crowdcube:

  • They got FCA e-money licence
  • They are profitable
  • They are just lunching Mastercard card allowing to spent all the currencies (both regular ones and crypto)
  • If you will keep 350£ in their own crypto, they give 0.75% cashback (paid in bitcoin) for card transactions, what can go up to 1.5% (2% for investors)
    I become both user and investor :grin: