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Ripple-Powered Wirex Quickly Raises $1.5M on Its Securities Offering

Ripple-Powered Wirex Quickly Raises $1.5M on Its Securities Offering
  • Wirex has raised £1.2 million ($1.5 million) on its securities offering.
  • Wirex plans to become a tech unicorn.
  • The company has achieved two major milestones in the UK and the US recently.

According to a press release, Wirex, a crypto payments platform running on Ripple, has raised £1.2 million ($1.5 million) on its securities offering.

Over 2,000 investors pooled for the first £1 million worth of investments within only an hour and a half through Crowdcube, a British investment crowdfunding platform. Founded in 2011, Crowdcube has facilitated over 29,000 investments worth £34.8 million in the first quarter of 2020.

Pavel Matveev, CEO and Co-Founder of Wirex, mentioned his excitement regarding the “great milestone in achieving [their] original plan to raise £1 million so quickly”.

Pavel said,

We have decided to extend the raise further to give everyone the opportunity to invest and play a part in Wirex’s extraordinary journey, sharing our vision to take the company to the next level and bring cryptocurrency to the mainstream.

Wirex Plans to Become Tech Unicorn

Wirex has launched a securities offering to raise funds for its expansion, particularly in the US and Japan. In line with this, shares are offered to investors at £9.24 ($11.90) per piece. This securities offering took place after a prior round of venture funding.

Indeed, the firm has been growing successfully over the years. It has over 3 million active users across more than 150 countries, with over 3,000 new registrations every single day. This year, the firm managed to produce £315 million in revenue and its transaction volume reached over £3 billion.

Wirex’s Recent Major Milestones

On July 30, Wirex was granted its first license to operate in the US, getting permission from the state of Georgia. License number 67727 was granted to the fintech firm, enabling it to conduct money transmissions in the state.

A month after, Wirex received an e-money license from UK regulator Financial Conduct Authority (FCA). The payments firm has also filed an application to receive a Port of Singapore (PSA) license to expand in that location.

As part of its future plans, Wirex will use the recent crowdfunding investments to launch in the US and Japan in the upcoming months.

The global blockchain market size is expected to grow at a rate of nearly 70% between 2019 and 2025. With this in mind, Wirex’s game-changing product offerings and functionality aim to become the payments platform that bridges the gap between fiat and cryptocurrencies.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.