Tokyo

Tokyo

Wirex opens Tokyo office

The London-based fintech cryptocurrency firm has opened a new office in Tokyo, creating 30 new UK jobs in the process.

After recently celebrating reaching the US$1bn transaction milestone, Wires is set for its next stage of growth after opening a new office in Tokyo.

The company announced the opening of its new Asian headquarters this week as part of a trade mission to Japan headed up by Theresa May and Dr Liam Fox.

The move, which will also create 30 new jobs back in the UK, comes as Japan officially recognises bitcoin as an official form of currency as of this Saturday (02 Sep).

Wirex co-founder Pavel Matveev said: “Japan has fired a starting pistol in terms of cryptocurrency adoption. The new rules mean that bitcoin is now an official payment form in the country and this may spark a significant boost to the economy.

"Japan’s recognition of consumers’ appetite for cryptocurrency payments is an important development and provides other governments with food for thought if they wish to compete in an increasingly globalised and digital world.

"Bitcoin does face certain challenges such as negative perceptions stemming from past instances of hacking and other illegality. The Japanese financial system will also face a steep learning curve regarding how to report bitcoins in accounts, for example.

"At the same time bitcoin is rapidly integrating such challenges and is increasingly becoming more robust, as Japan’s official recognition of the cryptocurrency suggests. Integration into the financial system means companies can now more easily develop products and services. Wirex cards enable payments in US dollars, pounds sterling and euros, in addition to bitcoin.”