SBI Holdings invests in Wirex to establish Asia focussed JV on cryptocurrency payment

The new joint venture, SBI Wirex Asia, follows a previous investment this year of $3 million by SBI Group in Wirex.

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Bitcoin payments firm Wirex has signed a deal with Japan’s FinTech investor, , to establish a new Asia focussed joint venture, SBI Wirex Asia which will deliver a Japanese payment card and joint businesses, said company.

Under this partnership, Wirex will benefit from SBI Holdings’ support, scale and Asian market relationships whereas SBI Holdings will achieve access to Japan’s cryptocurrency payments card provider and expertise in the blockchain based finance.

“Our new relationship with SBI Holdings enables us to deepen our already market leading position in the country to offer new Japan and Asia focussed products and services. I look forward to working with the team at SBI,” said Pavel Matveev, CEO, Wirex.

“Japanese customers are our most enthusiastic supporters and use our VISA-backed cryptocurrency debit card more regularly than anywhere else in the world. They deserve a Yen denominated card soon and we will deliver it to them,” he added.

The new joint venture follows a previous investment this year of $3 million by SBI Group. Wirex and SBI Wirex Asia will work closely together to ensure Japanese customers benefit from Wirex’s global community and expertise with the support of SBI Wirex Asia.

“I am pleased to see SBI Holdings enter into a relationship with Wirex, which will offer Japanese customers much improved choice and flexibility when it comes to cryptocurrency payments,” said Wataru Kojima, Wirex Japan CEO.

“Japan leads the world in regulation and our accountants are armed with the tools to accept on balance sheets. I will ensure Japan maintains our preeminent position in this space though providing the most innovative and cost-effective technologies globally, he added.

Wirex is one of the Japan’s most popular provider of cryptocurrency debit cards. It claimed that it serves 900,000 customers in more than 130 countries and is in the process of obtaining an e-money license in the United Kingdom. BCompany achieved $1 billion of transaction volume in June 2017 and has offices in London, Tokyo and Kiev. Wirex is expected to offer contactless bitcoin payments, contactless cards, additional currencies and new -based financial products in the near future.

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