The reluctance of financial regulators to legislate for digital currency has restricted the scope for crypto-friendly business services. Today, many crypto and blockchain-focused startups struggle to find bank accounts that can accommodate their needs due to widespread institutional resistance.
The limited options that exist for businesses that want to make and manage digital currency come with their own pitfalls, including prohibitively high transaction costs, unnecessarily complex Know-Your-Customer (KYC) journeys and no facility for holding funds under a legal entity name.
The outlook isn’t entirely bleak, however. In September 2019, Wirex will launch their FCA-licensed, crypto-friendly Wirex Business programme in the APAC region. Developed specifically to disrupt the way that businesses and consumers send and receive payments, the new product allows registered businesses to make and accept crypto and fiat payments around the world, free of charge. Forget multiple, arduous KYC processes for multiple platforms that offer individual products – Wirex Business enables companies to access a range of innovative services on one platform.
“B2B international transactions in crypto have for too long been subject to unnecessary restrictions and high fees through existing channels. We strive to empower our users around the world to use their money, their way. Having spent the past 5 years building a platform that bridges the gap between cryptocurrencies and traditional money with a personal account, we’re delighted to announce that we’re bringing our innovative corporate solution to business in the APAC region,” explains Dmitry Lazarichev, Wirex co-founder.
The platform opens up novel use cases beyond exchange and international remittance. Its counterparties feature gives users the ability to make their account details and wallet addresses public, enabling invoices, bills and employee salaries to be settled quickly and efficiently.
Wirex worked closely with corporate clients and their wider community to develop a user experience centred around control, transparency, flexibility and choice. At the time of writing, Wirex Business is available in the EEA and features multi-currency accounts in four fiat (GBP, EUR, HKD and SGD) and six cryptocurrencies (BTC, ETH, LTC, ETH, XLM and DAI), with IBANs linked to registered company names.
Users can pay and get paid in any of these digital and traditional currencies through SEPA, SWIFT and blockchain payments. Unlike many competing platforms, Wirex offers a paid-monthly, subscription-based pricing model which provides complete transparency on cost. Business accounts are designed to be managed through flexible role and permission management, with the option to hide/unhide currency accounts depending on role.
Corporate products like Wirex Business are vital for the growth of crypto-friendly businesses that have been stunted by existing market restrictions. The recent proliferation of similar companies is a clear indication of the gradual shift towards a decentralised token economy. With well over 2,000 cryptocurrencies already in circulation, it’s only a matter of time before established financial institutions join the crypto space – until then, Wirex Business provides a genuine and often superior alternative to conventional corporate payment products.