The Stellar Development Foundation has announced a $5 million investment in blockchain payment company Wyre.
According to the company’s press release, the investment will create key payment infrastructure and enable relationships connecting international financial systems.
Wyre will introduce a variety of payment APIs that can be used by applications built on the Stellar network. The payment platform will also use the investment to add on/off ramps for Coinbase’s USDC stablecoin that will be used with existing fiat currency pairs, which include the U.S. dollar (USD), the British pound (GBP), the euro (EUR), the Canadian dollar (CAD), and the Australian dollar (AUD).
Denelle Dixon, the CEO and executive director of the Stellar Development Foundation, said the foundation’s goal is to grow the network of Stellar anchors, stablecoin issuers, and on/off ramps on the network.
“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,” she said in the company’s release.
The investment in Wyre brings the Stellar Development Fund’s total investments to $14.25 million since its launch last year. It’s also the first of several investments the fund intends to make this year.