Stellar (XLM) to use Wyre’s technology after $5m investment

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jan 27, 2021
  • Recently, Stellar Development Foundation announced a $5m investment into Wyre.
  • Wyre, a blockchain payment processor, will, in turn, allow Stellar to integrate its payment APIs.
  • Wyre will help Stellar apps onboard the upcoming USDC stablecoin and help its anchor network growth.

Yesterday, January 26th, the Stellar Development Foundation (SDF) revealed that it has made a $5 million investment into another project, Wyre. With Wyre being the leading blockchain payment firm, Stellar’s investment will allow it to integrate Wyre’s advanced technology.

How will Stellar benefit from Wyre’s tech integration

According to the announcement, Stellar plans to include a variety of Wyre’s payment APIs to its fintech applications. The APIs will integrate with the existing anchors, but also enable Stellar USDC on/off ramps for a number of pre-existing fiat pairs.

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The SDF Executive Director and CEO, Denelle Dixon, commented on the move by saying that it is very important to Stellar to grow the network of anchors. In doing so, Stellar (XLM) can connect global financial systems with blockchain, and adding Wyre’s payment APIs will also help empower businesses and expand payment corridors, while it will also support the creation of new ones.

From what is known, Dixon will now also serve on Wyre’s own board, in a seat designated for the Stellar Development Foundation.

Wyre will help Stellar apps with USDC onboarding

Wyre has been operating as a blockchain payment firm since 2013, and during this time, it has executed over $5 billion in transfers. The company also has an entire portfolio of various advanced services that are being offered to businesses, individuals, as well as enterprise clients.

Those include payouts, fiat-to-crypto on-ramps, crypto wallet infrastructure, compliance, savings accounts, and foreign exchanges.

The most direct way that the company will support the Stellar ecosystem will be via the USD Coin (USDC). This is one of the world’s largest dollar-pegged stablecoins, and it is expected to be supported by the Stellar network at some point in Q1 2021.

By integrating its technology, Wyre will provide a reliable, compliant way for Stellar’s apps to onboard the coin without any additional UI builds or other integrations. Wyre’s CEO; Ioannis Giannaros, said that the firm focuses on making money transfer easy, borderless, and cost-effective, which makes Stellar a perfect fit for Wyre’s partner.

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