Wirex USA Receives Licence from State of Georgia
What is the Money Transmission Licence?
This week, Wirex took the next step in its US expansion after receiving our first money transmission licence in the US, from the State of Georgia Department of Banking and Finance. This license will allow us to engage in the business of money transmission serving the population of the state, and marks an important milestone in Wirex’s drive to offer our industry-leading services to the US population. The announcement comes after we revealed that we would be launching our next-gen cryptocurrency platform linked to a spending card in the US.
The Next Steps in Wirex’s US Expansion
We already serve 3 million customers across 130 countries, offering users the ability to seamlessly buy, hold and exchange multiple traditional and cryptocurrencies from a single app. We also developed a series of world’s firsts that we’re excited to bring to the US. As the first company to develop the contactless crypto-compatible debit card, customers can spend their various currency holdings at over 54 million locations where Visa is accepted., empowering everyone to take advantage of the benefits of the blockchain. Wirex is also the world’s first company to offer a cryptocurrency rewards scheme, Cryptoback™, giving up to 1.5% back to customers using their Wirex card in-store.
Demonstrating Wirex’s Compliance
Our CEO and co-founder, Pavel Matveev, explains that the Georgia license is part of our company’s commitment to regulatory compliance worldwide. “We are very excited to receive our licence as a money transmission business for the State of Georgia. With the sector growing rapidly, approval of this licence is an important step in Wirex’s endeavour to ensure the company complies with money transmission regulations and cryptocurrency laws worldwide. This is an important step in realising our vision to grow cryptocurrency adoption and use with a mainstream audience in the US.”
Our USA Managing Director, Harold Montgomery, also added: “The license in the State of Georgia is the first success in Wirex’s approach to providing fully compliant cryptocurrency management capabilities in the hands of its customers. Our users deserve to know that Wirex USA adheres to current regulations in the space and that their funds are safe at Wirex. Wirex makes cryptocurrency more accessible and usable. We look forward to putting the power of Wirex in the hands of our US customers in the coming months.”
The State of Georgia Department of Banking and Finance granted license number 67727 on 30th July, 2020. We’re planning to launch our services in the US in the coming months.