Wirex partners with Visa to expand crypto payments to APAC as Bakkt sunsets its consumer-facing app

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(Kitco News) – Cryptocurrency payment platform Wirex announced that it has signed a long-term strategic global partnership with leading global payment network Visa as part of the firm’s aim to expand into the Asia Pacific (APAC) region and the UK


Through its partnership with Visa, London-based Wirex will be able to directly issue crypto-enabled debit and prepaid cards to users in over 40 countries across the APAC region, the UK, Europe and the US.


Partnering with Visa also enables Wirex to offer “new and innovative products” intended to help people use crypto in their everyday lives, improve user experience and pilot new blockchain initiatives, the press release said.


Wirex currently has more than 5 million customers worldwide, with its largest customer base located in the UK. The firm is seeing its fastest growth in APAC after it was selected as a finalist for the SFF Global Fintech Awards at the Singapore Fintech Festival last November.


Visa and Wirex have an established partnership dating back to 2015 when the companies partnered to offer the world’s first crypto-enabled card – allowing users to buy, hold, exchange and sell multiple fiat and cryptocurrencies, as well as make purchases at over 80 million locations where Visa is accepted.


“Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants,” said Matt Wood, Visa’s head of digital partnerships for Asia Pacific. “We are delighted that Wirex is expanding its focus on Asia Pacific. , making it easy and seamless for people to use their crypto balance at the millions of merchants that accept Visa in the region.”


Wirex indicated that it will continue to work with Visa going forward to expand its services and roll out the card program worldwide. The crypto-payments company said it will announce a card-issuing partnership in Australia in the coming weeks.


Bakkt shifts focus to business


Bakkt Holdings, a digital asset platform that specializes in helping businesses across industries integrate cryptocurrencies and blockchain technology into their loyalty programs, has announced that it will discontinue its consumer-facing Bakkt app and instead focus on creating scalable business-to- business to consumer (B2B2C) solutions.


“As we continue to gain traction with our B2B2C strategy, we are laser-focused on providing our partners and customers with seamless solutions that best meet their needs,” said Gavin Michael, president and CEO of Bakkt. “The closure of the app ensures that we support the relationship our partners and customers have with their customers. With this move, we are focusing our investment on our core solutions that are product-market fit and positioned to scale quickly.”


The firm indicated that it will “continue its core focus of providing businesses with crypto and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform.”




Last November, Bakkt entered into an agreement with Apex Fintech Solution to acquire Apex Crypto, a turnkey integrated crypto trading platform that provides services to more than 30 signed fintech partners and serves more than 5 million customers.


“The pending Apex Crypto acquisition further validates Bakkt’s B2B2C approach and advanced strategy to bring crypto products to a broad universe of client verticals,” the company said in the press release.


Current Bakkt App users will have their data and funds transferred to a new Bakkt platform that will be accessible via the web from all devices. The Bakkt app will officially sunset on March 16.


Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.

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