Wirex and Uzbekistan Direct Investment Fund Sign MoU Supporting Implementation of Blockchain Technology

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Sep 28, 2022, 06:00 ET

LONDON, Sept. 28, 2022 /PRNewswire/ -- Wirex, a global leader in the blockchain industry, today announced the signing of the Memorandum of Understanding with the Uzbekistan Direct Investment Fund. With this partnership, the company will support the Uzbek government as they implement blockchain solutions and distributed ledger technology for various government services.

Wirex and Uzbekistan Direct Investment Fund Sign MoU Supporting Implementation Of Blockchain Technology

The collaboration with Wirex comes at a pivotal time as Uzbekistan looks to become a Central Asian leader in implementing innovative financial technology. Having recently established a forward-thinking regulatory framework for the country's sector, the move aims to further attract retail and institutional investors. In addition to the partnership, Wirex plans to provide financial investment for several projects to promote growth within the finance and blockchain sectors, enable 35 million Uzbekistan's to access to the benefits of blockchain technology.

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."

Commenting on the partnership, 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."

About Wirex

Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.

With over 5 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 80 million locations around the world using the Wirex card.

Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex launched their own native utility token, WXT, and introduced the world's first crypto reward programme, Cryptoback™, which earns cardholders up to 8% back in WXT for every transaction they make.

To reflect the growth of the metaverse, throughout 2021, the company has expanded their product to enable mainstream access to DeFi. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.

Wirex is based in London, with offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.

| wirexapp.com |

About the Uzbekistan Direct Investment Fund

The Uzbekistan Direct Investment Fund (UzDIF) is a state-owned fund with a focus on providing long-term capital to leading companies in Uzbekistan with strong potential for growth and high shareholder returns. The fund also aims to attract foreign investments as co-investors to develop growing industries, support small and medium enterprises (SMEs), and grow regional economies. The Uzbekistan Fund for Reconstruction and Development (UFRD), a sovereign wealth fund, is the sole shareholder of the Direct Investment Fund.

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SOURCE Wirex