European law firm, Fieldfisher has advised Wirex on a US$3m investment from Japanese VC SBI Holdings. Wirex is the first company to combine the speed and flexibility of blockchain finance with the acceptance of traditional currency — all in one account. Wirex offers secure bitcoin wallets linked to Visa and MasterCard debit cards, supported by online and mobile applications. Users can instantly exchange virtual currency for real-money USD, € or GBP which is then loaded onto a card. Wirex’s service already has over 500,000 members in 130 countries across the world. The service will extend to Japanese yen later this year.
Wirex plans to use the new capital injection to fuel development of new features, licensing and security as well as support expansion plans.
SBI established their FinTech Fund at the end of 2015 to invest in both Japanese and overseas companies in the FinTech field.
Commenting on the deal, corporate partner Tim Bird says: "Wirex is an innovator in the FinTech sector and we are delighted to have advised them in this funding round. This is one of a number of advisory roles we have had recently in the FinTech and Blockchain space. Our FinTech team comprising technology, regulatory and corporate lawyers and through supporting companies like Wirex, continues to be at the forefront of developments in the sector."
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