The former crypto debit card company is focusing on stablecoin cards, bank accounts and cashback infrastructure, with direct issuance enabled by its Visa and Mastercard principal memberships.
Wirex is shifting away from its retail business to a stablecoin banking-as-a-service model aimed at enterprises, Forbes reported on July 23. The former crypto debit card company plans to provide core infrastructure including stablecoin cards, bank accounts and cashback tools. Its status as a principal member of Visa and Mastercard means it can issue cards directly without relying on a sponsoring bank, a setup that can give payments firms more control over product design, settlement and customer relationships.