Wirex News

Don’t bank on it, bank on us

Mar 13, 2019, 4:36:15 PM Published By Wirex Team

The first ever crypto-friendly business account is here! Thanks to our tirelessly-working team, we’ve achieved something that no-one else in the industry has been able to deliver thus far. No more will business owners have to navigate the obstacles set by traditional financial institutions when it comes to managing their company’s money. Thanks to Wirex, registered business owners can now apply for the first ever FCA-licenced, crypto-friendly business account. It can be set up in your registered business name and gives you unparalleled control of your finances, using a sophisticated interface that we’ve designed to suit individual business needs.

We’ve released the first accounts to applicants who registered their interest with us last year. Apply now to register your details and be front of the queue for the next round of accounts.

The trials of crypto business accounts

Business accounts have long been a sticking point in the crypto industry. Wirex Business Product Manager, Simran Sakaria, explains that, “We’re solving a problem that thousands of companies are facing - they’re finding it difficult to obtain bank accounts from the traditional players, facing high transaction costs, going through multiple KYC journeys, and are often not able to move funds using their legal entity names.”

A major barricade for traditional financial institutions accepting cryptocurrencies is the lack of regulation in the field. Crypto transactions that pass through traditional banking systems are often flagged or even blocked for further verification, a process that can slow down operations considerably. A recent UK Treasury Committee report on digital currencies warns that, “As the Government and regulators decide whether the current Wild West situation is allowed to continue, or whether they are going to introduce regulation, consumers remain unprotected.” The lack of UK government regulation contributes to the ‘Wild West’ perception of cryptocurrencies and restricts banks’ ability (and possibly inclination) to process cryptocurrency payments in the same way as they do traditional currencies. The Wirex business account mitigates these restrictions.

An account to remember

Our consumer product drew the attention of crypto-enthused businesses who were looking for a similar solution. So far, we’ve welcomed thousands of applicants who are keen to take advantage of the Wirex Business account’s innovative features:

  • GBP, EUR, BTC, LTC, ETH & XRP accounts, with more currencies to come
  • Instant exchange & settlement between crypto and fiat accounts at market-leading rates
  • Seamless international payments: SEPA, SWIFT and crypto
  • Enhanced security, including multisignature accounts and multi-factor authentication
  • Roles and permission management
  • Subscription based pricing with no hidden fees
  • Crypto trading at Over-the-Counter (OTC) rates 
  • Exchange traditional currencies at the interbank rate 
  • 3 pay-monthly payment plans to suit different business needs
  • A free 30 day trial

If Wirex Business could help your company, apply now to register your details. We look forward to welcoming you to the future of business payments!

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