Wyre Updates API Service for Instant Global Payments and Crypto to Fiat Exchange
Wyre Expands API To Drive Compliance And Liquidity To Decentralized Exchanges And Applications
Wyre has announced the company's focus to drive liquidity to decentralized exchanges and to help cryptocurrency applications to interact with the traditional world of banking.
Wyre is the leading blockchain money transfer company which has traded over $3.5 billion of cryptocurrency assets, having been servicing reputable OTC trade desks, crypto exchanges, and brokerage services around the globe.
Wyre utilizes blockchain technology to execute cross-border payments for businesses and individuals faster and cheaper than banks. Founded in 2013 as one of the original infrastructure 1.0 crypto companies, Wyre has traded $3.5 billion in cryptocurrency assets in-house and have completed more than $750 million in bank-to-bank commercial FX payments.
The new service offers cryptocurrency companies with an API which allows them to compliantly onboard customers in 5 countries, instantly convert both crypto and fiat currency, and send payments globally.
Michael Dunworth, CEO and founder of Wyre said crypto companies spend a lot of time and money trying to navigate the regulatory space. He adds that Wyre is taking its first step toward allowing the developer community to tap this infrastructure of compliance, banking, and liquidity through one API, so that they can focus on building products that progress the ecosystem. Ideally, we can bring the go-to market time from 6 weeks to 6 hours.
As part of this announcement, Wyre has partnered with AirSwap, a leading decentralized trading network, to integrate the new offering. With its new conversational trading product, Airswap users will now be able to onboard quickly, exchange fiat currency to cryptocurrency within their self-custodied Ethereum wallets, and trade directly on the decentralized network in a compliant manner. With a few lines of code, AirSwap now allows its users to interact with the fiat world without worrying about AML/KYC onboarding and compliance issues, which Wyre handles from end-to-end right out of the box.
“As we offer more sophisticated ways to participate in the AirSwap network, having Wyre handle fiat and compliance lets us focus on our products,” says Don Mosites, co-founder of AirSwap. “The decentralized web needs services like these to thrive, and we're thrilled to be working with Wyre to minimize headaches and maximize the decentralized trading experience.”
Exchanging crypto assets has a trading fee of 0.25% per transfer. Wyre's service is available in over 30 states within the USA, Australia and Hong Kong, with payout capabilities to over 50+ countries, and exchange capabilities into 8 major fiat currencies and 10+ cryptocurrencies.