Uzbekistan Hires Wirex for Blockchain Adoption

Wirex and the Uzbekistan Direct Investment Fund have signed a Memorandum of Understanding (MoU) with the intention of assisting the Uzbek government in implementing blockchain solutions and distributed ledger technology for different government functions.

Uzbekistan has recently built a legal structure for the country’s cryptocurrency environment in an attempt to entice additional retail and institutional investors.

As it delivers blockchain-led solutions to 35 million Uzbeks, the cooperation will enable Wirex to offer financial investment for many initiatives that encourage development in the financial and blockchain spheres in the nation.

Atabek Nazirov, Director of the Uzbekistan Direct Investment Fund, said, “Established in the heart of Central Asia, with customs influenced by the Great Silk Road, Uzbekistan has always played a crucial role in the region’s financial and economic progress. To proceed along this road, it is imperative that we capitalize on the possibilities in the global financial market and use new technologies, such as blockchain and distributed ledger. Wirex is a worldwide veteran and a pioneer in the fintech industry, with regulatory knowledge in a number of countries. They already hold the necessary resources, such as the global regulatory structure and the technological components of blockchain integration, to do this. We are thrilled to be partnering with Wirex.”

Wirex APAC’s Managing Director, Svyatoslav Garal, said, “Over the last seven years, our firm has amassed a wealth of expertise in creating blockchain technology and established one of the greatest platforms available.” This relationship is an important milestone not just for Wirex and Uzbekistan, but also for blockchain in general, since it is closely aligned with our objectives. We’re ecstatic to collaborate with the Uzbekistan Direct Investment Fund to assist the industry flourish, improve its financial environment, serve as a model for other nations, and eventually grow.”

Wirex rendered its crypto-backed lines of credit accessible to UK customers in August, using WXT as backing, in an attempt to extend the Wirex Credit service to other locations and add features. Wirex Credit, which was introduced last month in Europe and Asia, enables customers to borrow crypto-backed lines of credit of up to $100,000. The crypto loan service is now accessible in the United Kingdom.

The company has hired Modulr to implement SEPA Instant and Faster Payments so that its clients in the United Kingdom and the European Economic Area may move British Pounds and Euros between their Wirex and bank accounts with more ease.

A major proportion of Wirex’s five million customers are located in the United Kingdom and Europe. The crypto platform enables users to purchase, hold, trade, and sell different fiat and crypto currencies from inside the Wirex app, in addition to expend these currencies at more than 80 million places worldwide utilizing Wirex Mastercard.