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Bitcoin debit card provider Wirex raises $3M in Series A funding

Wirex, the financial platform that combines bitcoin with traditional currency, announced that it has secured $3 million in Series A funding round from Japanese leading financial services firm SBI Group.

With the new funding, Wirex plans to utilize it for the development of new features, licensing and security. The company also plans to use it to support its future plans of expansion, the official notice stated.

“Japan is a key market for bitcoin-compatible financial products and services, and one of our fastest-growing customer bases. We are delighted to have this strategic partnership with the SBI Group. Together we can push bitcoin adoption in the Asia-Pacific region to the next level,” Pavel Matveev, co-founder of Wirex Limited, stated, as reported by Finextra.

Wirex banking platform provides pre-paid virtual and plastic cards that can be topped up with both fiat and crypto currencies. The company looks forward to investing in its platform’s security and stability, and in order to enhance its customer experience. Wirex platform also has new features in its services that include contactless bitcoin payments, contactless cards, and new bitcoin-based financial products, among others.

The SBI Group intends to continuously expand investments in venture companies in the fintech field by leveraging the knowledge in the online financial services businesses accumulated by itself, as a fintech pioneer company. Last August, the group announced the establishment of fintech research facility that handles research for both academic and practical applications, in a move to promote fintech development.

“The SBI Group has a clear vision and in-depth understanding of blockchain and cryptocurrencies. We have been selective in the process of looking for the right investor, and finding the best possible fit is important for us. Our customers will greatly benefit from this collaboration,” Dmitry Lazarichev, co-founder of Wirex added.

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