Stellar Development Foundation Invests $5 Million in Wyre, a Blockchain Payments Company

The Stellar Development Foundation (SDF) has invested $5 million in the blockchain payments company Wyre to expand its ecosystem.

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

According to the press release, Stellar will implement a wide range of Wyre’s payment APIs for fintech applications in its network. The company’s technology enables converting fiat currencies to digital assets and back. The first way to support the Stellar ecosystem will be a rapid switch from USDC to USD, GBP, CAD, AUS and EUR. The stablecoin is planned to launch on Stellar in the first quarter of 2021.

“Developing the network of auxiliary services helps Stellar unite global financial systems with blockchain technology. By simplifying access and development on our blockchain for projects, we move closer to creating equal access to the global financial system for everyone,” said Denelle Dixon, CEO of the SDF, who will join the leadership of the blockchain company.

According to Wyre’s CEO Ioannis Giannaros, the investment will help the project grow in international markets and provide developers with an easy way to integrate with the Stellar ecosystem to achieve the shared goal of creating a robust, innovative financial system.

Earlier, one of Europe’s oldest banks Bankhaus von der Heydt (BVDH) issued the EURB stablecoin in the Stellar network.

On December 28, the Ministry of Digital Transformation of Ukraine and the SDF signed a memorandum of cooperation in the field of virtual assets.

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