Wirex has announced it is expanding to Canada, a leading nation in the global crypto market. The firm is set to offer residents access to its cryptocurrency wallets linked to physical debit cards.
In Canada, according to Wirex, 5% of the population hodling the currency. Citing a survey conducted by the Bank of Canada, 46% of Ontarians praised the spread of technologies like blockchain. Per CoinATMRadar, Canada is a country with 600 Bitcoin ATMs.
It is also a popular destination for crypto miners, due to the relatively affordable supply of energy. Given that, annually, Canada tends to generate an energy surplus, many expect favorable changes in regulations could lead a flock of miners to the Great North in the years to come.
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Although the UK and US are marginally ahead in the rankings for traditional blockchain adoption, Canada leads the way in Ethereum blockchain technology.
And it’s not just private citizens who are engaged in the crypto craze. This year, Wirex touts, the nation’s first blockchain exchange-traded fund launched on the Toronto Stock Exchange, and Canada’s National Research Council began utilizing blockchain technology to support more transparent governance institutions.
Wirex is certainly entering an eager market. With 900,000 customers in 130 countries, the Wirex global cryptocurrency wallet is expanding to Canada months after being awarded a Fintract and Money Service Business registration in August.
Canadian users have long been able use the Wirex Bitcoin, Litecoin, XRP, and Ethereum wallet. What this expansion means is that Wirex will be able to launch new and frontier products to its user base in the country.
Crypto in Canada – Crypto-Friendly Currency Accounts
Canada is a significant player in the global cryptocurrency market. Although the UK and US are marginally ahead in the rankings for traditional blockchain adoption, Canada leads the way in Ethereum…
Next up on the Wirex agenda is to connect fiat accounts to Wirex Visa cards, enabling its Canadian users to spend cryptocurrencies as if they are traditional Canadian dollars. This means cardholders will be able to into any store or restaurant and spend using their Wirex Visa. As a part of a new Wirex Rewards Program, these Visa card users will receive 0.5% back in Bitcoin on their purchases.