How We Get Listed On Wirex Card
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.
Legal classification
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
● Ashurst
● Brown Rudnick
● Clifford Chance
● CMS
● DLA Piper
● Eversheds
● Fieldfisher
● Freshfields Bruckhaus Deringer
● Herbert Smith Freehills
● Hogan Lovells International
● Jones Day
● Latham & Watkins
● Linklaters
● 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.
Edit:
Thank you @birdinc for taking over! Looking forward to seeing this come to fruition.
Geeze... Might as well start our own exchange.
I think these costs are outrageous. What are they thinking? How about first contacting other exchanges to see what they charge.
This one is not even in the top 100 cryptocurrency exchanges.
And...and...and... Is it an OTC exchange?
Maybe we could save the $200,000 and spend it on listing STEEM on all the bottom 50 exchanges of the top 100 by volume which Wirex doesn't even make the list.
Well, in all fairness, if Steemit Inc provide $1 Million in liquidity, they'll get that money back and won't have to pay an integration fee. Which means it won't cost a penny.
The main attraction of Wirex is that it's a crypto debit card provider and allows users to buy crypto directly with fiat. The built in exchange understandably has comparably low volume for these reasons. Its important to remember that all those bottom 50 exchanges likely do wash trading to get those ranks and have awful liquidity meaning no one would be able to trade it anyway. It would cost at least $50,000 to get listed on any of those bottom exchanges anyway.
Negative, more like somewhere between 0.25 to 2.5 BTC and they are not OTC exchanges.
Regardless, steem Inc don't have to spend a penny to get this listed. And once it is listed, all steemians will be able to use steem on crypto debit cards and we'll have euro, gbp and USD to steem pairings.
hmmm, ok, interesting
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