Wirex, which provides crypto wallets linked to debit cards, recently added Ripple’s XRP wallet to its portfolio. The wallet will be available to 1.7 million clients in 130 countries. Wirex is among the first digital payment platforms to support XRP coins.
Because of the wallet’s addition to the platform, users can exchange and spend XRP tokens in stores, transportation and online using their Wirex Visa card. To put it simply, the debit cards can be used where Visa is accepted.
Last week, Wirex had posted on Twitter that it received $2 million worth deposits in XRP by the Ripple community. These deposits were done in a short span of just 12 hours!
This shows that there was strong demand for the wallet, with many users willing to make use of the coin for real world expenses.
Why did Wirex pick Ripple’s XRP ?
What sets the coin apart from other digital assets is the fact that it was not set up to compete with traditional financial institutions, according to Wirex. The main intent behind the token was to use it along with existing infrastructure to support cross-border payments.
This feature was used by Japanese financial services giant SBI Holdings last month, when it launched its native cryptocurrency exchange VCTRADE – which runs on the Ripple network.
“Ripple’s stability – and the innovative technology behind it – was the main reason that we chose XRP to be our next altcoin offering. Its incorporation into banks, payment providers, digital asset exchanges and corporates is what sets it apart from other cryptocurrencies,” said Dmitry Lazarichev, Wirex co-founder, in a statement.
According to Pavel Matveev, Wirex co-founder, the token has cemented its place as a stable altcoin with a strong underlying offering. “While the value of most cryptocurrencies is influenced by the oscillations of Bitcoin, XRP is independent of the Bitcoin blockchain,” he added.
Moreover, the cryptocurrency can be used by individuals and businesses to send payments across countries quickly, at low transaction fees.
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