Wirex to support government of Uzbekistan to adopt blockchain

Rick Steves

“We’re excited to work alongside the Uzbekistan Direct Investment Fund in order to help the sector thrive, enrich the financial ecosystem there and set a benchmark for other countries, and ultimately expand.”

Wirex has signed a Memorandum of Understanding with the Uzbekistan Direct Investment Fund with the goal of supporting the Uzbek government as they implement blockchain solutions and distributed ledger technology for various government services.

Uzbekistan is attempting to be at the forefront of blockchain in Central Asia, having recently established a regulatory framework for the country’s crypto ecosystem in a move that aims to further attract retail and institutional investors.

The partnership will help Wirex to provide financial investment for several projects that promote growth within the finance and blockchain sectors in the country as it brings blockchain-powered services to 35 million Uzbekistans.

Wirex wants to set a benchmark for other countries and ultimately expand

Atabek Nazirov, Director of the Uzbekistan Direct Investment Fund, commented: “Being located in the heart of the Central Asia, with traditions infused by the Great Silk Road, Uzbekistan has always played a critical role in the economic and financial growth of the region. To continue this path, it’s vital we take advantage of opportunities within the global fintech space and utilise new technologies, including blockchain and distributed ledger. Wirex is a global veteran and one of the fintech leaders, with regulatory expertise in multiple markets. They already possess what we need to achieve this, including the global regulatory landscape and technical aspects of blockchain integration. We’re delighted to choose to partner with Wirex.”

Svyatoslav Garal, Managing Director of Wirex APAC said: “Over the past 7 years, our company has gathered tremendous experience in developing blockchain technologies and has built one of the best platforms in the world. Aligning closely with our goals, this partnership is a significant milestone not only for Wirex and Uzbekistan, but also for blockchain more generally. We’re excited to work alongside the Uzbekistan Direct Investment Fund in order to help the sector thrive, enrich the financial ecosystem there and set a benchmark for other countries, and ultimately expand.”

Wirex launches crypto lending in UK and SEPA payments in Europe

In August, Wirex made its crypto-backed credit lines available to UK users, with WXT as a token to be used as collateral, in an effort to expand the Wirex Credit program to new regions with additional features. Launched last month in Europe and Asia, Wirex Credit allows users to borrow crypto-backed credit lines of up to $100,000. Now, the crypto lending service is available in the United Kingdom as well.

The firm also tapped Modulr to add SEPA Instant and Faster Payments so that its customers in the UK and the European Economic Area can transfer British Pounds and Euros more easily between their Wirex and bank accounts.

Wirex users already amount to 5 million and a significant portion of them are based in the United Kingdom and Europe. The crypto platform allows users to buy, hold, exchange, and sell multiple traditional and crypto currencies from within the Wirex app as well as spend these currencies in everyday life at over 80 million locations globally using the Wirex Mastercard.

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