Wirex Rolls Out Beta Version Of Crypto Business Account – pymnts.com


Wirex, a cryptocurrency and fiat (real money) payments platform, is releasing a beta version of a regulated crypto-oriented business account, according to reports.

The account will support both crypto and fiat payments, and users will be able to transfer funds using over the counter rates or using blockchain, SEPA or Swift.

The beta version will work with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and XRP, as well as euros and British pounds. It’s currently only available on desktop.

“B2B international transactions in crypto have for too long been subject to unnecessary restrictions and high fees through existing channels,” said Wirex Founder Dmitry Lazarichev. “We’re launching a business account which offers all of the same great features and puts a stop to the pain encountered by crypto businesses when opening an account under a legal entity name.”

Cryptocurrency and business relationships have been slowly becoming more mainstream. Last year, Ohio partnered with cryptocurrency company BitPay, and the state became first in the U.S. to allow businesses to pay their corporate taxes in bitcoin.

A Study by the Cambridge Centre for Alternative Finance found a sharp increase in the onboarding of new cryptocurrency users, rising from 18 million at the end of 2017 to 35 million at the end of 2018. 

As a result, businesses have begun to accept crypto as a form of payment from their consumers. According to Good Audience, hundreds of thousands of retailers currently accept cryptocurrency. Yet, when it comes to companies using cryptocurrency for their own payment needs, adoption remains muted.

During the first tax season in which crypto payments were an option for Ohio companies, only two businesses in the state actually used cryptocurrency to pay their taxes. State Treasurer Robert Sprague spoke at the Ohio State Associated Press forum earlier this month, reports in Bitcoin Magazine said last week, where he offered new details on adoption of business crypto tax payments. These details included the fact that, so far, only two companies have used the OhioCrypto.com platform, through which companies can pay their business taxes in cryptocurrency.

While blockchain has gradually gained traction in the enterprise world, cryptocurrency’s role with businesses is less certain. If Ohio’s corporate tax payment initiative is any sign, businesses may not yet be ready to use cryptocurrency to make their own payments.

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