Reportedly, the Stellar Development Foundation has invested $5 million in blockchain payments company Wyre to boost support for financial applications in the Stellar ecosystem.

The introduction of Wyre is going to make possible several different types of API, which can be used by several financial apps on the Stellar Network. For clarity, API, is an Application Programming Interface – a software intermediary which permits two applications to be able to communicate with each other.

Some of them were wondering on why Stellar would put $5B into one company. When $5M is enough to help them kick start the project and they could raise more fund through the token sale.

Wyre provides advanced services to individuals, businesses, and enterprises.  The clients are looking at fiat-to-crypto on ramps, payouts, compliance, crypto wallet infrastructure, foreign exchange, and savings accounts.  Thus, including Wyre to the Stellar ecosystem is set to create key payment infrastructure to create a relationship connecting international financial systems.

This is proof of growing network of anchors, which is the fundamental approach by which Stellar has been connecting the global financial systems with blockchain technology.

Also, Denelle Dixon, CEO and Executive Director of SDF, will be serving on Wyre’s board in the seat designated for SDF. Therefore, “Simplifying expansion and development on Stellar moves us closer to our goal of creating equitable access to the global financial system.”

Stellar Lumens and Wyre the Money Transmitters

Wyre will be supporting the Stellar Ecosystem through USDC, which is set to go live in Stellar Network during Q1. Wyre will be helping in the onboarding of Stellar USDC without needing developers to create additional integrations or UI builds.

Deposits and lending of Stellar assets will be incentivized by Wyre’s savings product and compliant on/off ramps.  Thus, participants in the ecosystem will be able to accept funds and permit users to earn interest.

Thus, Stellar are making it easy for their developers to integrate in to the ecosystem and also making money transfers easy, truly borderless, and cost effective.

Ioannis Giannaros, Wyre CEO stated, “Building the world’s most robust, innovative, and inclusive financial system is a shared objective.”

Wyre is the first investment of Stellar in 2021 from the SDF’s Enterprise fund.  Money transmitters are of particularly interest to the Stellar Ecosystem because their major vision is borderless payment processing. Thus making financial inclusion possible even in the remotest corners of the world. In a decade from now, at the current pace, Stellar would have achieved a lot.

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