Wirex debuted its first Bitcoin debit card in July 2016, to allow the growing Bitcoin userbase to transact in any Visa or Mastercard-supported stores, retail outlets, and e-commerce platforms using the digital currency.
For instance, Monero is currently the world’s largest privacy-focused cryptocurrency, which provides a significant advantage over Bitcoin in terms of anonymity and financial privacy.
Leading debit card manufacturer and service provider Wirex has successfully integrated the API of the instant cryptocurrency exchange ShapeShift to enable its users to fund their cards with Ethereum, Monero, Litecoin, and 12 more alternative cryptocurrencies.
The emergence of multi-cryptocurrency debit cards will continue to increase the liquidity of cryptocurrencies, which will ultimately increase the market value and demand of digital currencies and app coins like Bitcoin, Ethereum, and Monero.
As an initiative to reduce friction between Bitcoin and other leading currencies, the UK-based startup added some innovative features that support banking operations and the purchase of Bitcoin through mainstream payment service providers like PayPal.
Although the Wirex team still believes that Bitcoin remains the dominant cryptocurrency in the market, the company states that the importance of addressing alternative cryptocurrency users must be realized, considering the rapid growth of other major digital currencies like Ethereum, Litecoin and Monero.
“Bitcoin enjoys first-mover advantage and dominates the crypto market. However, as the ecosystem matures, there is also a growing community of users with other digital assets,” says Wirex Co-Founder Pavel Matveev. “One of the most popular customer requests was to make a multi-asset-friendly debit card, and with ShapeShift integration we have finally made this possible.”
Over the past few years, altcoins, or alternative cryptocurrencies, have earned a bad mainstream image due to the scam-like characteristics and features of most appcoins. However, some legitimate cryptocurrencies like Monero have begun to gain mainstream approval due to their ability in providing services and features which Bitcoin is struggling with.
The ShapeShift team further emphasized that the Wirex multi-cryptocurrency debit card eliminates the necessity of banking services in today’s financial ecosystems and market, as it supports 16 leading cryptocurrencies and various financial services through a single app and a simple user interface.
"Wirex renders banks wholly unnecessary. With cryptocurrency and an easy mobile app, one can avoid banks and still pay for things anywhere,” said ShapeShift Founder and CEO, Erik Voorhees. “We are thrilled to have their services integrated with our API to expand their customer’s funding options.”
Zedd, 3LAU and Big Sean: Tickets On Sale for First Blockchain Music Festival
Tickets for the first music festival set to be powered by blockchain technology are now on sale.
Scheduled for this fall, the Our Music Festival is launching its own virtual currency — the OMF toke
How Crypto Reacted to This Week's SEC Bitcoin ETF Delay
It was an expected result at an unexpected time.
The news broke on August 7 that the U.S. Securities and Exchange Commission (SEC) is kicking the can on its decision to approve or disapprove a prop
Microsoft Looks to Trusted Computing for Blockchain Security Boost
Two newly published patent applications from Microsoft suggest that the software giant is looking at the use of trusted execution environments, or TEEs, within its blockchain offerings.
Crypto Millionaire Lost 5,500 Bitcoins in Alleged Investment Scam
A 22-year-old cryptocurrency millionaire has lost more than 5,500 bitcoins in an alleged investment scam in Thailand – one that drew public attention due to the involvement of a local actor.
China's Communist Party Publishes Blockchain Tech 101
China's Communist Party is moving to make blockchain literacy the norm across public offices with the publication of an explainer for officials and members.
Released by the publishing house of the
Blockchain Social Network Minds Is Migrating to Ethereum for Launch
Blockchain-based social network Minds is migrating its platform to the ethereum network, the startup announced Monday.
After roughly four-and-a-half months on its Rinkeby test network, the startup
Bitcoin Trading Is Illegal in Saudi Arabia, Warn Watchdogs
A governmental committee comprised of Saudi Arabian regulators has issued a statement clarifying that cryptocurrency trading is illegal in the kingdom.
According to a statement issued Sunday, the s
Former S&P President Leads Seed Round for ICO Compliance Startup
Regtech and compliance startup iComply has just completed a seed funding round led by former Standard and Poor's president Deven Sharma.
The firm – which seeks to develop standard compliance tools