Wirex, the cryptocurrency payment firm has reportedly raised $4.3 million from its latest crowdfunding platform. The amount raised through the crowdfunding model has gone ahead and surpassed Wirex’s set target and expectations by nearly 370%. The crowdfunding met with resounding success and was closed 15 days prior to the actual date of closure.
It is important to note that within 90 minutes, the firm has raised an earth-shattering figure of $1.1 million. The funding round was pitched in and attracted about 7,000 investors. The crowdfunding partner for Wirex was Crowdcude which is a well-noted and commercial crowdfunding platform.
CEO Pavel Matveev was extremely overwhelmed with the response of record funding by the company. He added that:
“Since opening pre-registration for the private sale, we’ve had an overwhelming response from users around the world wanting to invest in Wirex. Our performance so far has proven to investors that we are making incredible advances in the fintech and crypto spaces, and this growth will only continue.”
Wirex is more than just a card provider
Wirex was launched in 2016 but prior to it was known as E-coin when it was launched in 2014. Within the first year of its operation, Wirex gained 100,000 users. The name change came into being because now it offers much more than cards. This is why the entire rebranding process was called in although the core team, mission, and vision statement holds. With new innovative products, it has become the world’s number one virtual payment card provider.
The Wirex card is the first two-way payment card which is more advanced than the usual regular cards. The ability to convert bitcoin into fiat makes it convenient for users to keep and use the stronger of the two currencies at any given time. Wirex also offers virtual and plastic cards for different purposes. Virtual cards can be used to buy bitcoin with PayPal while the plastic cards can be used to withdraw fiat funds from ATMs.
Wirex announces its ambitious plans
Wirex, being an ambitious organization will not settle despite coming up with several innovative products. The latest funding efforts and its success only go on to prove that it has a happy user base and that there is a lot of confidence in the system. The funds will be used by the payment service provider to expand its hold onto several markets which they had not found inwards.
The company also announced that it will invest its resources in reworking on the fundamentals of its products with the launch of five new currencies on the platform in the Eastern European nations. It has also talked about an imminent multi-currency Mastercard which will further expand to a larger user base and an upgrade of its reward scheme. Being a brand bred in the UK it now wants additional expansion in the US as well as Japan in the coming months. Wirex has been doing well with more than 3 million users. It has become the looked-upon platform to trade crypto and traditional currencies all from under one platform.