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Stellar Development Foundation Invests $5M in Crypto Payments Firm Wyre
A Wyre integration will introduce a variety of APIs that can be used by financial apps on the Stellar network.
The Stellar Development Foundation has invested in blockchain payments company Wyre to boost support for financial applications in the Stellar ecosystem.
STORY CONTINUES BELOW
The Foundation said the $5 million Enterprise Fund investment in Wyre will introduce a variety of payment application programming interfaces (APIs) that can be used by apps on the Stellar network.
On/off ramps for the stablecoin USDC will also be introduced for existing fiat currency pairs including U.S. dollars, U.K. pounds sterling, the euro, the Canadian dollar and the Australian dollar.
Wyre was founded in 2013 and offers a number of services including fiat-to-crypto onramps, wallet infrastructure, compliance, forex and savings accounts.
"Adding Wyre to the Stellar ecosystem will create key payment infrastructure and enable relationships connecting international financial systems," the Foundation said.
With USDC set go live on the Stellar network in the first quarter, the Wyre integration will provide a "compliant and reliable" way for Stellar-based apps to utilize the dollar-linked stablecoin without the need for developers to build additional tools, per the announcement.
The Foundation said this is the first investment made from its Enterprise Fund this year. The fund has invested over $14 million since its launch in fiscal year 2020.
Read more: First Mover: Don’t Like $34K Bitcoin? Stellar, Litecoin Yet to Conquer Old Highs
"The Enterprise Fund was created to support mission-driven businesses that mirror the goals of Stellar – like enabling cross-border payments and global access to financial services – while providing practical value to the Stellar ecosystem," said Jason Chlipala, chief operating officer of the Stellar Development Foundation.
Several more investments are expected in 2021, he added.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
