Blockchain Payment Firm, Wyre, Gets A $5M Investment From Stellar Development Foundation
In a press statement shared with BitcoinExchangeGuide, the foundation stated that it is investing $5 million worth of Enterprise Funds that will help introduce various payment application programming interfaces, commonly known as APIs, which can integrate with different apps within the Stellar ecosystem.
Founded in 2013, Wyre has executed transfers of more than $5 billion and provides advanced services to both businesses and individuals such as crypto to fiat ramps, crypto wallet infrastructure, savings account, and foreign exchange others.
The foundation stated that the addition of Wyre to the Stellar network would help create crucial payment infrastructure and allow for relationships that will connect to the international financial system.
Denelle Dixon Stellar Development Foundation CEO
“Growing the network of Stellar anchors— stablecoin issuers and on/off ramps — is fundamental to how Stellar connects global financial systems with blockchain technology. Bringing Wyre's industry-leading payment APIs to the Stellar ecosystem will empower businesses, especially anchors, to expand existing payment corridors and develop new ones.”
Dixon is also set to become a member of Wyre's board of directors to represent Stellar Foundation.
With Stellar USDC set to go live in Q1, Wyre will help in different ways. Wyre is set to offer a compliant and safe way for apps within the Stellar ecosystem to use the dollar-pegged stablecoin without the developers' need to create additional tools, the statement elaborated.
Stellar’s Enterprise Fund was launched last year, and Wyre’s investment is the first one for this year. Cumulatively the fund has pumped more than $14 million in different companies and projects so far, including Abra, Settle Network, SatoshiPay, and DSTOQ.
Stellar Foundation’s chief operating officer, Jason Chilpala, explained that the Enterprise Fund was started to offer support to businesses with goals in tandem with Stellar’s, such as enabling cheap and reliable cross-border payments.