Hedgy Acquired by Wyre Crypto Payment Startup for Blockchain Smart Contract Team
Wyre Payment Startup Partners With Smart Contract Team
Smart contract technology is one of the most significant developments in the blockchain sector in recent years. Smart contracts allow for transactions and deals to take place autonomously, without the need for mediation from a third party. This is very important in the blockchain and cryptocurrency processes, where it is important that transactions can be quickly conducted without anyone needing a significant third-party involvement. Smart contracts can make transaction rates faster and help to secure the process of financial interaction on the blockchain.
Wyre is a cryptocurrency company startup with the goal of creating a more efficient payment system for companies to make use of. The organization calls itself a “mighty money transfer company,” and the technical details backing their platform help to lend some weight to the title of “mighty.” The team behind Wyre is comprised of a group of blockchain professionals and payment experts who are united behind the end goal of revising the status quo of “how international payments are done.”
The tag is not a particularly new one. Hundreds of new fintech companies are working towards the most efficient and effective way to transfer money across international borders. But Wyre specifically is working to create a unique platform built off of smart contracts to help make international processing and transfer much easier.
Acquisition of Hedgy
Hedgy is another company specializing in Bitcoin technology in 2018. The company was founded a few years back, and had won major support from coveted venture capitalists as they continued to develop their brand. This organization was known for its development of smart contracts on the Bitcoin blockchain, and they were some of the first developers on the scene for this important industry.
This past week, Wyre managed to acquire the entire stock for Hedgy, meaning that the companies will now be combined into one homogenous organization. The acquisition will be important to the long-term plans of Wyre, which include the creation of a sophisticated smart contract ecosystem for global payments between startup companies.
In particular, the company’s co-founder spoke on the new deal, saying that the new organization will be integrated into the company in an attempt to gain access to key financial instruments, including swaps, forward concepts, and many more things. These elements of the traditional financial system are poised to be some of the key draws of the Wyre offering, because it will allow companies that might not operate in the status quo of finances to access important trade functions.
A Developing Ecosystem
The newest acquisition by Wyre is yet another step on the company’s path to creating a unique ecosystem for global financial transactions on the blockchain. In particular, executives at Wyre mentioned their interest in the ability of Hedgy to navigate the complicated waters of regulatory compliance in 2018. The company has already been effective in complying with some of the difficult regulations within the existing financial world.
Moving forward, Wyre hopes to use the traditional financial tools by Hedgy to innovate their new blockchain system.