Cryptocurrency users across the world use Wirex for a number of everyday reasons. The system offers users a way to spend cryptocurrency through a standard VISA or MasterCard, making traditional point of sale applications very real.
The importance of POS purchase doesn’t need to be emphasized, it’s one of the largest markets there is, reaching tens of billions in sales each year. It’s exactly why Wirex made the announcement on the acquisition of $2million USD in XRP in a mere 12 hours. The money will used to develop and launch a new application allowing both companies to step into the everyday use POS arena. The cards operating the market will be available for purchase on and offline through different merchant services.
By connecting cards for every day use to customer wallets, mainstream adoption will sky rocket. Users will be able to use cards like they would their own debit card or credit card. The integration is being designed to be completely seamless, making the experience for the user as congruent as possible. Experts are looking at the new development as a pivotal step for bringing cryptocurrencies to the public.
Another benefit is the cards will finally help to bridge the gap between banks and cryptocurrencies. Until now it’s been a cat and mouse game, with financial institutions chasing down cryptocurrencies and their users. But the day may soon be coming when banks and cryptos start working together, even if the need for a middleman like Wirex is needed for the time being. Cash may be on it’s way out, as we seen in countries like Sweden, where it’s almost non-existent, being processed for elimination in coming years or decades. A custodial solution is going to be needed soon to full integrate the new currencies of the world with the mainstream public. Wirex is simply stepping up to the plate, doing what needs to be done.
For anyone looking to learn more about the new system, backed by XRP, the company blog provides a lot of information on actual cases of the system in operation. The new system will make it easy for people all over the world to make purchases across the globe using the trust of VISA and MasterCard with low fees. The new development is especially important in developing countries or countries with tyrannical rule where the financial institutions cannot be trusted.
XRP is an idea token because of the short transaction times averaging 3-4 seconds each. The token’s network can handle thousands of them a second as well. Wirex will have the power to provide people with services so similar to what they already use that the integration will feel comfortable to them. It will push cryptocurrency for mainstream use by every day people, considering it’s being developed safer than regular banking transactions are.
This could even pull XRP out of the slump it’s fallen into this year, 2018, due to poor publicity and bad rumors. No matter what, it’s the first step to seeing Ripple’s XRP adopted for mainstream use, following in the footsteps of Bitcoin, Ethereum and Litecoin.
Will the new system work in favor of XRP and Wirex? Leave your thoughts in the comment section below.