Crypto debit card provider Wirex has migrated away from disgraced German payment processor Wirecard to new partner Railsbank in the Asia-Pacific (APAC) region.
Louisa Murray, head of sales at Railsbank, said the migration took less than 45 days to complete and now "many companies" are looking to shift to the bank's technology platform. Railsbank is reportedly buying Wirecard's U.K. subsidiary.
Wirex worked with Wirecard only for APAC operations. Its European cards are issued by Contis Financial Services. It remains to be seen whether more crypto debit card issuers, such as Crypto.com, TenX and Spend.com, also migrate to Railsbank.
Wirex is one of the largest players in the space, claiming to have more than 3 million customers. Wirex also offers a bitcoin rewards scheme, Cryptoback, giving back up to 1.5% in bitcoin to customers for every in-store transaction they make.