Wirex, the cryptocurrency payment platform, rolled out Litecoin support on its debit card service. The company launched a new LTC wallet that lets users buy Litecoin through bank transfers or credit a
Wirex, the cryptocurrency payment platform, rolled out Litecoin support on its debit card service. The company launched a new LTC wallet that lets users buy Litecoin through bank transfers or credit and debit cards. Customers can also deposit their altcoin holdings and swap them into Litecoin, providing a straightforward path to convert trading gains into spendable cryptocurrency.
The move makes Wirex the only provider in Europe where customers can spend money converted from Bitcoin or Litecoin via debit card. The platform handles exchanges between Bitcoin, GBP, EUR, and USD. Its prepaid Visa card works at 40 million merchants in 200 countries. European users will get access to Wirex's contactless cards starting in May, at no cost.
Pavel Matveev, Wirex's CEO, said the company is building on its platform's growth. "Wirex keeps growing as a platform, and it's natural for us to add new services and currencies. Litecoin has huge potential and a big community, so there is a lot of demand for this service on the market," he said.
Wirex's pitch for Litecoin centers on speed and cost. The company noted that transactions settle faster than Bitcoin and incur lower blockchain fees. The company predicted Litecoin could land on dozens of major retail websites within months as a payment option.
The timing aligns with Litecoin's performance. The coin holds the seventh-largest market capitalization at $8.52 billion, trading around $151.33 per coin. Its price has climbed since the brutal March-to-April downturn, though it remains far from the $346.90 peak hit in December.
TenX, another cryptocurrency debit card firm, also announced plans for a co-branded Litecoin card to court Litecoin holders looking for a place to spend their holdings.
The Wirex service, accessible through wirexapp.com, lets users set up accounts and order cards with no fees. Bitcoin and Litecoin swap between each other without friction. Litecoin can move to any external LTC wallet or convert into fiat currency for instant spending. When major retailers adopt Litecoin, the platform will support direct LTC payments.
Wirex, founded in 2014, moved over $1 billion in cryptocurrency transactions last year. The company issued a statement about its account offering: "The Wirex account represents a significant improvement on all previously available cryptocurrency account offerings. Bitcoin and Litecoin can be exchanged at any time to GBP, EUR, or USD and linked to a Visa card. Moreover, the currency account enables users to purchase Bitcoin and Litecoin in amounts up to £7,500 at a time."
The company has expansion plans that reach beyond Litecoin. "Wirex is expanding its global reach and is forging ahead with other altcoins, as well as offering Litecoin-integrated accounts and cards in Japan, South East Asia, and beyond," the company said.
The addition of contactless cards and Litecoin support represents another phase in Wirex's push to make cryptocurrencies spendable through traditional retailers in the UK and Europe.
