Wirex Integrates Pay Chain with Fireblocks for Enhanced Stablecoin Solutions
Wirex has unveiled its latest development, integrating the Wirex Pay Chain, which focuses on stablecoins, with Fireblocks. This partnership enables institutional clients to utilize a secure, self-custodial framework for card issuance, account management, and stablecoin treasury operations. This strategic collaboration enhances Fireblocks’ payment capabilities, placing stablecoins at the forefront of programmable finance. Pavel Matveev, Co-Founder of Wirex, expressed enthusiasm about the integration, stating that it represents a significant advancement in the adoption of stablecoins within institutions. He highlighted that this integration facilitates the rapid launch of stablecoin-backed card programs and checking accounts, ensuring both security and compliance are prioritized.
Enhanced Financial Solutions for Institutions
With this integration, Fireblocks users can now leverage stablecoin-backed Visa debit cards, manage checking accounts that allow for instant global transfers, and incorporate treasury and payment functionalities—all while retaining custody of their assets. The support from Wirex extends to various sectors, including retail, business banking, and infrastructure API services. This collaboration introduces three primary service areas for Fireblocks’ institutional clientele:
- Retail: Users can establish stablecoin checking accounts linked to Visa debit cards for immediate global transactions and interest-earning balances.
- Business Banking: Corporations can benefit from multi-currency self-custodial accounts that include treasury features, corporate cards, and real-time settlement options.
- Stablecoin BaaS: Developers and fintech companies can utilize Wirex’s modular APIs and smart contracts to integrate stablecoin accounts and card issuance into their existing offerings.
Stablecoins as a Cornerstone of Modern Finance
Ran Goldi, Senior Vice President of Payments & Network at Fireblocks, emphasized the growing significance of stablecoins as a fundamental element in contemporary finance. He noted that the collaboration with Wirex Pay Chain aligns with Fireblocks’ objective to enhance the stablecoin economy through secure and scalable infrastructure. Institutions using the Fireblocks Network can now implement real-world payment solutions that are both efficient and adaptable, meeting the rigorous standards of global compliance.
Technical Features of Wirex Pay Chain
The Wirex Pay Chain operates on a high-throughput, zero-knowledge-enabled Ethereum Virtual Machine (EVM) chain, specifically tailored for stablecoin transactions. This infrastructure ensures rapid, low-cost settlements and facilitates integrations with major payment networks like Visa and Mastercard, all while incorporating smart contract functionalities for compliance and automation. It is designed to enable institutions to adopt stablecoins effectively while maintaining regulatory and operational oversight.
Introduction of Wirex Business
In addition to the integration with Fireblocks, Wirex has launched Wirex Business, a corporate banking solution aimed at meeting the specific needs of Web3 and cryptocurrency companies. This platform is designed to equip businesses with essential tools for effectively managing finances in the dynamic digital landscape. Wirex Business seamlessly combines stablecoins with fiat currencies, allowing firms to handle treasury functions, issue corporate cards, and manage expenses effortlessly.
Key Features of Wirex Business Platform
Wirex Business streamlines financial operations for enterprises with advanced features that include:
- Corporate Bank Accounts: Manage multiple accounts in USD, EUR, GBP, and stablecoins.
- Corporate Expense & Payroll Cards: Issue both physical and virtual cards for employee expenses and payroll management.
- Instant Fiat<>Stablecoin Conversion: Facilitate real-time conversions between fiat currencies and stablecoins.
- Built-in Yield: Earn attractive yields on stablecoin holdings without hidden costs.
- Self-Custodial Model: Retain complete control over funds, mitigating counterparty risks.
- Reporting: Access automated accounting tools and sophisticated reporting features to maintain financial oversight.
Wirex Business is tailored to empower Web3 companies, fintechs, and crypto enterprises to manage their financial operations effectively and expand their reach globally. The platform is currently in the process of onboarding new clients, with registration available for interested businesses.
