Contis Partners with Wirex to Power Crypto-to-Fiat Spending via Cards

Contis, a UK-based banking and payments provider with NatWest agency banking capabilities and Visa principal membership, announced a landmark partnership with crypto fintech Wirex. The collaboration enables Wirex customers to convert cryptocurrency holdings into fiat currency and spend them via Visa-branded current accounts and debit cards for everyday purchases. Virtual cards were launched on March 20, 2018, with physical card issuance expected by mid-May 2018.

Contis contributes its regulated banking infrastructure, card issuance platform, and Visa sponsorship, while Wirex provides the cryptocurrency exchange and wallet technology along with the consumer-facing experience. The partnership exemplifies the BaaS model whereby a regulated entity provides the banking license and payment rails for a non-bank fintech to offer financial products. Financial terms of the deal were not disclosed.

The initiative was among the early efforts in Europe to bridge crypto and traditional payments via a sponsored banking arrangement.