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Wirex Partners With Stellar, Plans to Launch 26 Stablecoins

United Kingdom-based cryptocurrency payment processor Wirex partnered with Stellar (XLM), the company announced in a press release on their website on April 24.

Wirex is a company licensed by the U.K. Financial Conduct Authority (FCA) that allows crypto users to spend their cryptocurrencies with a dedicated Visa card, with a new total of nine digital token offerings. Per the announcement, users will now be able to also deposit and spend their XLM tokens through the service.

Wirex has also announced plans to launch 26 stablecoins pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD. Wirex points out that currently most stablecoins are pegged to the U.S. dollar, and notes that the company hopes more variety will allow “for swift, international remittance without the need for local liquidity providers.”

Wirex claims in the announcement that those are the first stablecoins that can be instantly converted into crypto or fiat currencies at over-the-counter and interbank rates.

Lastly, the post explains that Stellar has been chosen as a partner because it is an FCA-regulated company, the relative scalability of its blockchain and the shared goal to bank the unbanked and democratize finance.

As reported in March, Wirex has raised $3 million from Japanese SBI Group to develop new features and support expansion plans.

Earlier today, a press release shared  stated that payments services firm Bitspark is releasing a cryptocurrency pegged to the Philippine peso (PHP).

Yesterday, TrustToken announced that it will release four new stablecoins this year that are pegged to Australian dollars, euros, Canadian dollars and Hong Kong dollars

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Written by Ravi

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