Wirex bitcoin transactions have hit a staggering $1bn

Wirex, the world’s biggest blockchain personal finance platform, has announced today (September 1) it has achieved a total of $1bn (around £776m) worth of transactions and 800,000 customers.

This has been achieved since the London-based startup began trading in 2014. 30 new employees will be created to support Japanese customer growth in highly skilled technology and marketing roles at its Old Broad Street office.

Dr Liam Fox, international trade secretary, commented: “The UK has a world leading FinTech sector and Wirex is a strong example of a UK business taking advantage of the global trading opportunities available to them as they grow, encouraging investment and creating jobs.

“As an international economic department, it’s important that we continue to build upon our already strong trade relationships with global partners like Japan as we leave the EU.”

Around the world, Wirex provides cryptocurrency digital wallets to plastic and virtual prepaid Visa cards. Consumers can then convert between bitcoin and national currencies, including British pounds, US dollars and Japanese Yen using Wirex’s app.

Pavel Matveev, CEO at Wirex, said: “As a high growth, British startup expanding rapidly, our new Tokyo office ensures we are well positioned to meet customer demands across Asia.

“A third of our $1bn transactions were made by Japanese customers so we are pleased to provide greater value with dedicated teams to meet their needs.”

Bitcoin payments completely cut out the need for a bank, and individuals can transfer money directly to one another. International payments are supposedly cheaper too.

Wirex achieved £2.4m of inward investment and backing from Japanese financial conglomerate, SBI Holdings, after dealing with a UKTI trade mission and winning the Finsum Tokyo pitch run last year.