Crypto debit card provider Wirex migrates from Wirecard to Railsbank in the APAC region

Cryptocurrency • August 26, 2020, 8:00AM EDT
UPDATED: August 26, 2020, 8:13AM EDT
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Crypto debit card provider Wirex has migrated away from disgraced German payment processor Wirecard to new partner Railsbank in the Asia-Pacific (APAC) region.

Louisa Murray, head of sales at Railsbank, said the migration took less than 45 days to complete and now "many companies" are looking to shift to the bank's technology platform. Railsbank is reportedly buying Wirecard's U.K. subsidiary.

Wirex worked with Wirecard only for APAC operations. Its European cards are issued by Contis Financial Services. It remains to be seen whether more crypto debit card issuers, such as Crypto.com, TenX and Spend.com, also migrate to Railsbank.

Wirex is one of the largest players in the space, claiming to have more than 3 million customers. Wirex also offers a bitcoin rewards scheme, Cryptoback, giving back up to 1.5% in bitcoin to customers for every in-store transaction they make.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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