Visa have very publicly ended their working relationship with debit card provider WaveCrest, which have left many people without funds.
WaveCrest boasts global and digital prepaid payment solutions for businesses, consumers and even governments. This is because they offer flexible methods to send and receive funds from around the world in multiple currencies, both traditional and virtual, at the ‘speed of light’. They offer fast, cost-effective and innovative global payments.
They offer innovative ways to send and receive payments in a global economy that is constantly changing. This is why the news that’s Visa are no longer supporting them has come as a bit of a shock. Many cards are issued by WaveCrest, so it affects a huge amount of people. Among those affected are CryptoPay, Bitwala, TenX and Wirex; just to name a few.
This sudden move, has nothing to do with cryptocurrencies, like it first seemed, and is in fact a direct result of a crackdown against the WaveCrest company, who have violated their policies. A representative from Visa said;
“We can confirm that WaveCrest’s Visa membership is being terminated due to continued non-compliance with our operating rules. All of WaveCrest’s Visa card programmes will be closed as a result…Visa has approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products.”
When the news first broke, which was over social media site, Twitter, a number of the companies affected by this and those who were linked to WaveCrest issued public apologies.
With increased awareness and popularity of cryptocurrencies comes good and bad news. The increased attention has led to more attention from regulators, which has then led to a growing fear over a cryptocurrency breakdown. It should be mentioned though that the above problem is directly related to issues with WaveCrest alone and that other companies and card issues have been left unaffected.
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