Yesterday Stellar said it had invested $5 million in Wyre, a crypto payments API company.
We're starting 2021 strong with our fifth Enterprise Fund investment in @sendwyre, a leading blockchain payments company. With industry-leading payment APIs, Wyre will empower Stellar businesses to expand existing payment corridors & to develop new ones.https://t.co/VOyERnGul3
— Stellar (@StellarOrg) January 26, 2021
The investment was made by the Stellar Development Fund (SDF) to improve payments and foreign exchange to and from fiat currencies (USD, GBP, CAD, AUS and EUR).
The CEO of SDF, Denelle Dixon, explained:
“Growing the network of Stellar anchors — stablecoin issuers and on/off ramps — is fundamental to how Stellar connects global financial systems with blockchain technology. Simplifying expansion and development on Stellar moves us closer to our goal of creating equitable access to the global financial system.”
Since its founding in 2013, Wyre has helped transfer over $5 billion in transactions from both individuals and businesses.
Stellar and Wyre
One of the first things Wyre will do is to support USDC so that it is also available on Stellar’s blockchain by the first quarter of 2021.
In addition, Wyre will help Stellar-based applications facilitate crypto and fiat deposits and loans.
Ioannis Giannaros, CEO of Wyre, explained:
“We’re focused on making money transfers easy, cost effective, and truly borderless, so working with the Stellar Development Foundation is a perfect fit. This investment means we can continue our growth into international markets while providing developers an easy way to integrate with the Stellar ecosystem. Building the world’s most robust, innovative, and inclusive financial system is a shared objective.”
Stellar and the price of XLM
Stellar recently made a comeback after a period in which the price of its crypto, XLM, was at an all-time low. In January, it reached a value of 44 cents, although it was never close to its all-time high of 2017, when it reached 93 cents.
Currently, however, the crypto has fallen again and stands at 22 cents on the dollar.
