WireX bank account

Financial Chat Fintech Chat
1

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.

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Nick, correct.

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

4

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: