Stellar Development Foundation announced a new investment focusing on integrating more payment solutions in the Stellar ecosystem. The payment company Wyre will receive $5 Million from SDF to help them develop their services faster. Investment also includes collaboration with the Stellar community. As a result, payment APIs in Wyre will help financial applications run easier on the Stellar blockchain.
Payment solutions are critical applications for the blockchain industry. They help regular users access decentralized services easier and, more importantly, leverage P2P payments. Stellar is one of those blockchains with a considerable focus on payment solutions. It surely needs access to better payment solutions to offer these services better. The new investment from Stellar Development Foundation is focused on this section.
Wyre is the new company to receive investment from SDF. It will provide numerous payment APIs to financial services on Stellar blockchain as a result of the investment. Besides, Wyre will “enable Stellar USDC on/off ramps in existing fiat pairs (USD, GBP, CAD, AUS, and EUR),” according to the SDF press release.
Wyre is in the payment business since 2013. It has successfully managed more than $5 billion transactions and offers multiple financial services for every customer at different levels. The recent partnership with SDF will help it provide financial infrastructures to this blockchain. As a result, we can expect more connections between financial systems.
Businesses that are using Stellar will benefit from the new partner. Denelle Dixon is the CEO and Executive Director of SDF. He will now serve on Wyre’s board in a seat designated for SDF, too. He said about the investment:
“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. Simplifying expansion and development on Stellar move us closer to our goal of creating equitable access to the global financial system.”
USDC is one of the most popular stablecoins in the world. It will go live on the Stellar blockchain in Q1 2021. With Wyre services available for Stellar users, developers can access the token easier.
The $5 million investment is the first investment from SDF in 2021. The foundation was launched in 2020 and has invested more than $14 million in blockchain startups. The main focus is supporting Stellar developers and those like Wyre that can help the Stellar ecosystem.