Finance News
By Dan Saada
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Stellar Lumens and Wyre the Money Transmitters
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Reportedly, the Stellar Development Foundation has invested $5 million in blockchain payments company Wyre to boost support for financial applications in the Stellar ecosystem.
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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.
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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…
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Wyre provides advanced services to individuals, businesses, and enterprises. The clients are looking at fiat-to-crypto on ramps, payouts, compliance, crypto wallet…
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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.
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Also, Denelle Dixon, CEO and Executive Director of SDF, will be serving on Wyre’s board in the seat designated for SDF.
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Wyre will be supporting the Stellar Ecosystem through USDC, which is set to go live in Stellar Network during Q1.
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Deposits and lending of Stellar assets will be incentivized by Wyre’s savings product and compliant on/off ramps.
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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.
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Ioannis Giannaros, Wyre CEO stated, “Building the world’s most robust, innovative, and inclusive financial system is a shared objective.”
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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…
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