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Fintech Wirex Wins Court Ruling in Favour of Cryptoback Trade Mark

·4 min read

LONDON, March 18, 2021 /PRNewswire/ -- Wirex, a leading digital payments platform, has succeeded in its High Court trade mark infringement claim regarding their UK registered trade mark for Cryptoback™, which is used in conjunction with Wirex's popular crypto rewards scheme.

Wirex CrytoBack (PRNewsfoto/Wirex)
Wirex CrytoBack (PRNewsfoto/Wirex)

The victory is against Cryptocarbon Global Ltd, Cryptocarbon UK Ltd and Bee-One UK Ltd in respect of their unauthorised use of the Cryptoback™ trade mark. Mr. Subash Manuel, a director of these companies, was held jointly liable for the infringing activities of Cryptocarbon Global Ltd and Cryptocarbon UK Ltd.

Wirex is an innovative crypto payments platform, giving customers the ability to buy, hold, exchange and sell up to 20 traditional and cryptocurrencies from a centralised, intuitive app. Cryptoback™ is one of Wirex's most popular features, and the company is proud to have been the world's first to offer a cryptocurrency rewards scheme. The programme automatically rewards customers up to 2% back in WXT, Wirex's native token, for using their crypto-enabled debit card in-store or online.

Wirex issued its claim for trade mark infringement in September 2019 after discovering that the defendants were using the Cryptoback™ name in conjunction with a cryptocurrency rewards scheme. After a High Court trial in January this year, His Honour Judge Hacon found that Wirex's Cryptoback™ trade mark was valid and infringed by the defendants, and all of their counterclaims (including to invalidate the Cryptoback™ trade mark) were dismissed.

The news comes at a significant time for Wirex, as they release a product overhaul, including their X-tras rewards programme. Building on the success of the crypto-rewards scheme 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 their brand new crypto-enabled and multicurrency Mastercard debit card in the UK and EEA regions, with real-time point-of-sale conversion, exclusive interbank and OTC exchange rates, free international ATM withdrawals, zero monthly fees and free fiat-to-fiat exchanges.

Dominique Simon, Global General Counsel at Wirex remarked, "We are delighted that the Court has found in our favour after a long and hard-fought battle against these infringers. We would like to thank our legal team, Andrew Norris QC (Hogarth Chambers) and Brown Rudnick LLP, for all of their fantastic work in helping to deliver this outcome. We look forward to developing and expanding our Cryptoback™ program in the UK and worldwide, along with other exciting innovations. "

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

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

To find out 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 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 nearly 3.5 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 61 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 2% back in WXT for every transaction they make.

Wirex is based in London, with offices in Singapore, Kyiv, Tokyo, Toronto, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US and Japan, Wirex is uniquely placed 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

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SOURCE Wirex