Wirex Closes $3 mln Japan Funding Round, Eyes Asia Expansion

Wirex, the cryptocurrency debit card issuer, has closed a $3 mln funding round with Japanese conglomerate SDI Group.

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Wirex Closes $3 mln Japan Funding Round, Eyes Asia Expansion

UK-based fiat and cryptocurrency online banking platform Wirex has announced it has raised $3 mln from Japanese SBI Group.

Wirex, which offers consumer products such as crypto-denominated debit cards, will use the funds for “development of new features, licensing and security, as well as a support to its expansion plans.”

The features on the table include contactless crypto payments, new currencies and bespoke financial products based on Bitcoin.

However, the partnership anticipates a key breakout for Wirex into the Asia-Pacific market, Japan, in particular, having become the world’s number one arena for Bitcoin trading.

“Japan is a key market for Bitcoin-compatible financial products and services and one of our fastest-growing customer base,” Wirex co-founder Pavel Matveev said in a press release issued Monday. “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.”

Through a collaboration with ShapeShift in September last year, Wirex now offers the ability for users to spend a range of altcoins with a debit card. These include Ether, Litecoin and Monero.