Wirex’s New Ripple-backed Visa Card Sees Over $2m of XRP Traded in 12 Hours

Wirex’s New Ripple-backed Visa Card Sees Over $2m of XRP Traded in 12 Hours

Wirex, who provide a crypto-backed Visa debit payment card for residents within the European Economic Area (EEA), has announced that its inclusion of Ripple as a supported cryptocurrency has resulted in XRP deposits totalling over $2 million in the first twelve hours of product release.

Crypto-backed debit cards are generally tied to cryptocurrency wallets from which funds are extracted in real-time at the point of payment and sold on-the-fly for traditional fiat such as US dollars to finance the payment itself. 

Platform Extension

Prior to its inclusion of Ripple wallets, Wirex had already included facilities to support Bitcoin and Litecoin wallets to carry out payments in USD, EUR and GBP. 

Wirex cards are available as both so-called ‘virtual’ cards  – which can be used from either a traditional desktop or smartphone app – as well as a physical card. The company is currently working on an upgrade of the physical card’s facilities to accommodate contactless payments. 

The Wirex website claims to have 1.5 million active users on its platform, and indicates that the outfit is currently looking to extend its facilities to users in other jurisdictions beyond the EEA.