The Stellar Development Fund (SDF) has opened its pocketbook to pour $5 million into Wyre, a popular crypto payment API company.
The move comes on the heels of Stellar’s xlm cryptocurrency outperforming many of its peers to start 2021. It reached a price of $0.44 on Jan 6, more than doubling its starting point for the year.
However, after reaching the peak in the first week of January, xlm has retreated down to the mid $0.20’s where it remains at the time of writing. Analysts have been excited about the project’s prospects in 2021.
With traditional finance taking more steps towards crypto and the industry enjoying massive success in 2020, xlm may be one of the projects best poised to take off. Bringing Wyre into the ecosystem appears to be a means of broadening the payment system’s offerings.
USDC Coming in Q1
Wyre has processed over $5 billion in transfers since its launch in 2013. By implementing its technology, Stellar hopes to expand the crypto to fiat on-ramps it offers. This includes pairings for usd, gbp, cad, aus, and eur.
USD Coin (usdc), one of the biggest digital dollar stablecoins on the market, is slated to debut in the network shortly. Wyre will simplify the onboarding process by eliminating the need for additional app integrations in the Stellar ecosystem.
Commenting on the investment, SDF CEO and Executive Director Denelle Dixon said:
“Growing the network of Stellar anchors — stablecoin issuers and on/off ramps — is fundamental to how Stellar connects global financial systems with blockchain technology. Simplifying expansion and development on Stellar moves us closer to our goal of creating equitable access to the global financial system.”
This is the project’s second high-profile partnership of 2021. This follows reports that Bitbond and Bankhaus von der Heydt have decided to launch EURB, a euro-backed stablecoin on the network.
Building New On/Off Ramps for Stellar’s Ecosystem
The Stellar Foundation controls the project and is a non-profit corporation that has sought to build its service into the world’s premier intermediary for crypto-fiat transactions.
Since its launch back in 2015, it has processed over 450 million transactions. By bringing Wyre onboard, Stellar should significantly increase its processing capabilities and the number of options it offers its clients.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.