Crypto Payments Firm Wyre Receives Investment to the tune of $5 million from Stellar Development Foundation

Bob Coiney

January 26, 2021

Crypto payments firm Wyre has received an investment of $5 million from Stellar development foundation to design a barrage of APIs for use on their platform. 

A news article on coindesk said that crypto payments firm Wyre had received close to $5 million in investment from the Stellar Development Foundation for enhancing the support for several financial applications on its platform. 

The Stellar Development Foundation is pushing ahead with the Enterprise Fund investment of $5 million to see Wyre design second to none payment application programming interfaces (APIs).

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These payment application programming interfaces (APIs) can be embedded on the Stellar network. The stable coin UDC on/off ramps will be introduced for the fiat currency pairs that include popular currencies used globally like the US dollar, UK pound, the Euro, the Australian dollar, and the Canadian dollar.

The blockchain payments company Wyre was formed in 2013 and provides you with several services that include fiat-to-crypto onramps, wallet infrastructure, compliance, savings, and forex accounts.

The Stellar Development Foundation commented on the development by saying that bringing crypto payments firm Wyre into the platform will enable them to design a key payment solution to connect the different international financial systems efficiently. 

USDC will go live in the first quarter on the Stellar network. The partnership with crypto payments solution firm Wyre will see them as stable and durable for Stellar-based apps. Consumers can make use of the dollar-linked stable coin directly without additional tools.

According to the Stellar Development Foundation, this was their first Enterprise Fund this year. The foundation invested more than $13 million last year in 2020. Jason Chlipala, who is the chief operating officer of the Stellar Development Foundation, said that the Enterprise Fund was started in the first place to design mission-driven businesses.

Some of the business products the foundation would like to focus on would be enabling cross-border payments and sublime access to financial services worldwide. Chlipala added that the funds would be used for more investments planned for this business year.