Video here: https://www.youtube.com/watch?v=Awt-5PE0hLkMy notes are below.OverviewFounded in 2014 - Main idea was to use Bitcoin for the payment use caseThey are bridging the gap between current infrastructure and a full crypto-to-crypto world by offering products that use the current infrastructure (e.g. VISA) with crypto on the backendPayment use cases include cross-border, daily commerce, and machine-to-machineCurrently have around 100 employees, 2.5 million customers, and 5,000 corporate customersMost of their active customers are in EuropeLicensed and regulated in the UK - backed by Softbank/SBI GroupHave offices all over the world, which show where they plan to expand (Tokyo, Singapore, Atlanta, London, Toronto, etc)Company Products and FeaturesTheir products are split by corporate and consumerThey offer multi-currency accounts that support multiple in/out funds (ACH, SWIFT, debit/credit, etc)Instant exchange - fiat-to-crypto, crypto-to-crypto, and crypto-to-fiatOTC rates for customers - Wirex is integrated with multiple exchanges and offers those OTC rates directly to their customers. This keeps fees low and liqudity highVISA card so funds can be used everywhere"Cryptoback" - Cashback but for cryptocurrenciesSupports ~26 currencies, including multiple fiat currenciesFreemium pricing volume for corporate accounts - Low volume is free, you can pay a subscription fee if you need higher limitsFully automated KYB - Much faster onboarding than traditional banks (days vs weeks)Other ThoughtsFull merchant adoption will take time - Lot of legacy systems that won't disappear anytime soonP2P payments and the token economy are coming fast, and Wirex is bridging the gapThey see a lot of people that aren't familiar with cryptocurrencies using their card because of the rewards (cashback/cryptoback)Nano is one of Wirex's top currencies (9:50)It was very difficult to open cryptocurrency-related accounts in multiple currencies, but now that they've gone through that process they can offer similar accounts to corporate customersThey launched their corporate account product a few months ago and in the first week they had 5,000 crypto business applicants without any marketingRoadmapAsia and North America launches are planned for 2019 - cards are actively being tested right nowIndia, Latin America, and Africa launches planned for 2020Planning to open offices in Mexico and BrazilREST API coming soon so businesses can directly integrate to Wirex's infrastructureDoubling their client-base every year - 5 million planned for 2019, goal is 25 million by 2021Planning to launch 26 Stellar-based stablecoins + IBM World Wire integration. 2019A multi-currency card is plannedQ&AWhy was Wirex successful getting debit cards when other companies have failed? Wirex built working products, not just promises. They've got the backing to obtain the necessary licensesAre there any plans to fix Wirex's Nano implementation (hot-wallet keeps going down)? This shouldn't be happening, Pavel will follow-up with his team.Where will Nano be incorporated in the future? Possibly in the cryptoback productWhat is the average conversion fee between fiat and crypto? There is no flat fee - fees depend on the currency path (more liquid currencies have lower fees).What do you plan to integrate with machine-to-machine payments? Hard to say since machine-to-machine is still in the vision phase.AppendixSlides here: https://ift.tt/2yPpVCd here: https://www.youtube.com/watch?v=Awt-5PE0hLk
Submitted August 07, 2019 at 10:29PM
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