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.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎


Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.


FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.