Fiat and crypto payments platform Wirex announced Wednesday it has partnered with Railsbank to replace insolvency-facing Wirecard as its card provider for the Asia-Pacific region.
- According to the announcement posted on the firm’s website, customers with existing Wirex cards have already been migrated to Railsbank’s cards and there would be no disruption in Wirex’s payment services during the transition.
- The firm’s announcement said Wirex has about 3 million customers who use its multi-currency card that allows for both fiat and crypto payments.
- The firm’s previous card provider, Wirecard, is facing insolvency proceedings after a $2.1 billion hole was discovered in its balance sheet in June earlier this year.
- According to a recent report by German local media, one of the Wirecard executives wanted in connection with the fraud, Jan Marsalek, surfaced in western Moscow and is being sheltered by Russia’s largest secret service, the military-controlled GRU.