Stellar Invests $5 Million in Blockchain Payment Company Wyre

  • The Stellar Development Foundation has invested $5 million in blockchain payments company Wyre.
  • Wyre will use the investment to add payment APIs and on/off ramps for the USDC stablecoin.
American dollar bill

Image from Shutterstock

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.

Discussion
Related Coverage
Connect, Trade, Succeed: Uncovering the Best Social Trading Platforms for Traders
  • Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
  • These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
August 7, 2023, 2:16 PM
millennials

Shutterstock

Temasek Cuts Pay for Staff Responsible for $275M FTX Investment
  • The investment team behind Temasek’s $275 million investment into FTX prior to its collapse “took collective accountability” and had their compensation cut.
  • While the company was the second largest outside investor in FTX, it was one of the first to write off its entire investment only days after the collapse of the exchange.
Wyre Places 90% Withdrawal Limit on All Accounts
  • The company noted that it will continue to operate, and that the 90% withdrawal limit will help it better navigate the prolonged bear market.
  • Wyre CEO Yanni Giannaros has transitioned into a new role as executive chairman, while its CRO and CCO, Stephen Cheng, is taking the role of interim CEO.