E-Coin Rebrands to Wirex, a 'Hybrid Financial Platform'

Wirex launches three main services. It will run a mobile banking app, offer instant remittance capabilities, and release an updated debit card available on both the Visa and Mastercard networks. The card comes in two forms, plastic and virtual, and supports three currencies at launch: US dollars, pounds sterling, and euros. The company intends to expand its currency support over time.

Wirex framed the move in a blog post: "These three services are designed to close the gap between digital and traditional currencies in everyday financial transactions, and to overcome the limits imposed by traditional financial institutions." The company wants to make it simple for users to manage money through their phones and an internet connection, handling transfers and purchases without opening a bank branch or downloading other apps. Traditional financial institutions and remittance services charge high fees that Wirex plans to undercut substantially.

The platform includes a feature meant to solve Bitcoin's volatility problem. Users can lock in exchange rates before loading funds onto debit cards. The app also lets customers buy and sell bitcoin directly on the platform. Existing E-Coin customers will maintain access to their current cards while they transition to the Wirex app.

E-Coin launched in early 2015. The company accumulated more than 100,000 users, 15,000 active debit cards in circulation, and monthly transaction volume over $2 million.