Stellar invests in Wyre to improve fiat payments
Stellar invests in Wyre to improve fiat payments

Stellar invests in Wyre to improve fiat payments

By Amelia Tomasicchio - 27 Jan 2021

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Yesterday Stellar said it had invested $5 million in Wyre, a crypto payments API company.

The investment was made by the Stellar Development Fund (SDF) to improve payments and foreign exchange to and from fiat currencies (USD, GBP, CAD, AUS and EUR).

The CEO of SDF, Denelle Dixon, explained:

“Growing the network of Stellar anchors — stablecoin issuers and on/off ramps — is fundamental to how Stellar connects global financial systems with blockchain technology. Simplifying expansion and development on Stellar moves us closer to our goal of creating equitable access to the global financial system.”

Since its founding in 2013, Wyre has helped transfer over $5 billion in transactions from both individuals and businesses.

Stellar and Wyre

One of the first things Wyre will do is to support USDC so that it is also available on Stellar’s blockchain by the first quarter of 2021.

In addition, Wyre will help Stellar-based applications facilitate crypto and fiat deposits and loans.

Ioannis Giannaros, CEO of Wyre, explained:

“We’re focused on making money transfers easy, cost effective, and truly borderless, so working with the Stellar Development Foundation is a perfect fit. This investment means we can continue our growth into international markets while providing developers an easy way to integrate with the Stellar ecosystem. Building the world’s most robust, innovative, and inclusive financial system is a shared objective.”

Stellar and the price of XLM

Stellar recently made a comeback after a period in which the price of its crypto, XLM, was at an all-time low. In January, it reached a value of 44 cents, although it was never close to its all-time high of 2017, when it reached 93 cents.

Currently, however, the crypto has fallen again and stands at 22 cents on the dollar.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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