Fintech Wirex wins court ruling in favor of Cryptoback trademark

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Wirex is an innovative crypto-payments platform, offering customers the ability to buy, hold, trade and sell up to 20 traditional currencies and cryptocurrencies from one centralized and intuitive application. Cryptoback™ is one of Wirex’s most popular features, and the company is proud to have been the first in the world to offer a cryptocurrency rewards program. The program automatically rewards customers up to 2% in WXT, Wirex’s native token, for using their crypto debit card in-store or online.

Wirex filed its trademark infringement lawsuit in September 2019 after discovering that the defendants were using the name Cryptoback™ in conjunction with a cryptocurrency rewards program. After a trial in the High Court in January this year, His Worship Mr Justice Hacon found that Wirex’s Cryptoback™ mark was valid and infringed by the defendants, and all of their counterclaims (including the invalidation of the Cryptoback™ mark ™) were rejected.

The news comes at an important time for Wirex, as they release a product overhaul, including their X-tras rewards program. Building on the success of the Crypto Rewards program and rewarding loyal customers, it offers enhanced Cryptoback™ rewards and up to 12% annual savings bonus on users’ WXT balance*. Last week, the company also announced its all-new crypto, multi-currency Mastercard debit card in the UK and EEA regions, with real-time point-of-sale conversion, proprietary interbank and OTC exchange rates, free international ATM withdrawals, zero monthly fees and free fiat-to-fiat exchanges.

Dominique SimonWirex’s Global General Counsel, said, “We are delighted that the Court has ruled in our favor after a long and bitter battle against these infringers. We would like to thank our legal team, Andrew Norris QC (Hogarth Chambers) and Brown Rudnick LLP, for all their fantastic work in achieving this result. We look forward to growing and expanding our Cryptoback™ program in the UK and globally, along with other exciting innovations. “

Read the full judgment here: https://www.bailii.org/ew/cases/EWHC/IPEC/2021/617.html

To learn more about the new X-tras program, visit: https://wirexapp.com/blog/post/a-new-era-wirex-x-tras-programme-0280

To learn more about how Cryptoback™ works, visit: https://www.youtube.com/watch?v=J8QWzMUglbU

*up to 12% available for a limited time

About Wirex

Wirex is a global digital payments platform and regulated institution that has forged new rules in the digital payments space. In 2015, the company 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 to everyone. With the primary goal of making it as easy as possible to use digital assets in everyday life, Wirex provides a reliable and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of blockchain-integrated payment infrastructure from cryptocurrency.

With nearly 3.5 million customers in 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 a single centralized mobile application. Fast and easy crypto transfer options are available, along with the freedom to spend over 150 traditional and crypto currencies at over 61 million locations around the world using the Wirex Card.

Wirex continues to develop the product in line with market developments, while adhering to regional regulations and obtaining appropriate licenses where they exist. A recognized industry pioneer, Wirex launched its own native utility token, WXT, and introduced the world’s first crypto rewards program, Cryptoback™, which earns cardholders up to 2% in WXT for every transaction they complete. they perform.

Wirex is based in Londonwith offices at Singapore, Kyiv, Tokyo, Toronto, dallas, Dublin and Atlanta. With over $5 billion value of transactions already processed and rapid expansion into new territories, including the United States and JapanWirex is uniquely positioned to support and promote the mass adoption of a cashless society through creative solutions.

| wirexapp.com |

Photo: https://mma.prnewswire.com/media/1458473/Wirex_CryptoBack.jpg

SOURCE Wirex

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