What is Wirex?
- 2 million customers worldwide.
- Crypto debit card and exchange service.
- Listing lots of new chains at the moment, waves was listed recently.
- Launching Wirex for business and institutions soon as well.
Many of you will remember when I mentioned I'd gotten in touch with Wirex to sort out a listing. I talked with Georgey on the phone and he set out some clear requirements for getting listed.
What We Need
A legal entity
Now this is likely one of the biggest hurdles. Currently there are talks between @ned / Steemit Inc and community members to pass control to the @steemalliance which looks like it'll be set up as a nonprofit.
I don't claim to be an expert in what's going on there, whether it's worth Steemit Inc handling this or waiting x months for the steem alliance to become a full legal entity. If anyone from either organisation could reach out to me that would be incredible as I'll have to pass this responsibility on to a legal entity from this point forward.
Currently, wirex are only registered to list tokens classified as utility tokens, rather than classed as securities. Gregory from Wirex provided this list of firms which they trust with such a classification in Europe:
● Addleshaw Goddard
● Allen & Overy
● Brown Rudnick
● Clifford Chance
● DLA Piper
● Freshfields Bruckhaus Deringer
● Herbert Smith Freehills
● Hogan Lovells International
● Jones Day
● Latham & Watkins
● Norton Rose Fulbright
● Pinsent Masons
● Shearman & Sterling
● Sidley Austin
● Simmons & Simmons
● Slaughter and May
● Travers Smith
Luckily, Wirex are partnered with Binance who we already have a listing with. Binance follow similar rules on utility tokens and securities and @steemit might even hold these documents already.
Liquidity or integration costs
Wirex do not charge a fee for being listed. However, the entity who sign legal agreements with Wirex have the choice between:
- Providing $1 Million worth of steem for liquidity, which will be used solely to get them started and can be recalled once liquidity naturally increases. This means they don't have have to purchase the steem themselves from an exchange.
- Covering the integration costs. Georgey has told us to expect between $200,000 and $400,000 however this may be lower since we are already listed on binance (who they're partnered with) and our APIs are incredibly easy to use.
I've already sent over links to the steem source code, beem python library, and steemits official JS library for their team to have a look at.
Thank you @birdinc for taking over! Looking forward to seeing this come to fruition.