A crypto-friendly business account, courtesy of Wirex
Before we started thinking about the design of our product, we needed to understand why businesses required a cryptocurrency payment solution. We learned that problems faced by many businesses include:
- High transaction costs
- No option to hold funds under a legal entity name
- Multiple Know-Your-Customer (KYC) journeys
- No single, centralised platform that offered the required services
With this in mind, we set out our vision for the product: to better connect consumers and businesses globally and change the payments landscape by offering accounts that are inclusive of all payment types, currencies and industries.
We designed our journeys around control, transparency, flexibility and choice. We focused on offering multi-currency accounts and IBANs in registered company names. Users will then have the option to pay in the currency of their choice by SEPA, SWIFT or blockchain payments. Our paid-monthly, subscription-based pricing model provides complete transparency on cost, with a guarantee of no hidden fees. The accounts are designed to be managed through flexible role and permission management with the option of hiding/unhiding currency accounts depending on roles.
Our business product will enable us to assist the growth of crypto-friendly and non-crypto businesses that have previously been stifled by existing market restrictions. We’ve even had interest from non-crypto companies across industries like a manufacturing, food & beverages and agriculture. With 2116 cryptocurrencies already in circulation, this universal demand signals a significant opportunity and a clear shift towards a token economy, with more and more businesses considering alternative options for managing company funds.