Wirex is a Success but What Does This Mean for Ripple and XRP? It’s no longer news that Wirex has made a lot of progress since it was launched in 2018.
The funds that were gotten from gotten current crowdfunding round shows that they intend to use some of the funds they’ve recovered to launch the product in the United States and Japan. All the investors who took part in the security funding round purchased WireX shares at $12 each. All the funds raised in this security funding, according to the co-founder of Wirex Paul Matveev, will be channeled toward expanding the business. In his words;
“It’s a great milestone in achieving our original plan to raise £1 million so quickly, but it’s unsurprising given that we have already developed a pioneering platform allowing users to seamlessly buy, hold, exchange, and spend multiple traditional and cryptocurrencies.”
So far, they have successfully signed up to 3.1 million users across 130 countries. These users have helped the company to generate £315 million in revenue. Unlike many other blockchain-based companies that are still struggling with regulatory compliance, Wirex has received licenses from a United States Money Transmission agency and e-money licensing authority in the United Kingdom. The firm is also waiting for the approval of their PSA license from Singapore. They are waiting to receive the PSA license before they promote and expand their business in Singapore.
Wirex was created to serve as a bridge between cryptocurrency and fiat. Since 2018, registered Wirex users have been using the XRP wallet. However, this success of the Wirex network doesn’t automatically lead to the automatic global adoption of the Ripple blockchain or the XRP token.
Ripple and XRP are lagging when it comes to adoption and price. At the time of writing, the price of the XRP was $0.245326. This means that it is up by 0.72% against the USD and up by 2.17% against Bitcoin BTC. The trading volume over a 24 hour period was $1,684,847,373 and the market capitalization was $11,073,071,376.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple-based Digital Payment Platform Raised $1.5 Million in Less than 2 Hours for Security Offering
- Wirex Has Some Rather Well as a Licensed Digital Services Firm that Serves as a Bridge Between Crypto and Fiat
- The Success of Wirex Doesn’t Automatically Translate to Success for XRP
XRP might be the flagship cryptocurrency of Ripple but the blockchain-based firm has gotten many other companies to build products on their blockchain. One of these companies is the digital services firm called Wirex. Wirex runs on the Ripple blockchain and it announced that it generated over $1.5 million in less than two hours of starting its security offering.
In their latest press release, they noted that a bulk of the money came through Crowdcube, and was deposited by over two hundred thousand investors. This shows that their security offering was well received by members of the community.
