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Stellar (XLM) invested $ 5 million in Wyre payment system

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XLM Stellar Invests 5 Million $ In WYRE – What To Expect? XLM Stellar Lumens

Stellar (XLM) invested $ 5 million in Wyre payment system

Stellar (XLM) invested $ 5 million in Wyre payment system
CONTENT

  • Stellar Development Foundation invested $ 5 million in payment blockchain company Wyre

  • Users will have new opportunities for transfers between cryptocurrency and fiat within the Stellar ecosystem

  • One of the fastest growing cryptocurrencies in the first quarter of 2021 to get a new boost

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The Stellar Development Fund (SDF) has invested $ 5 million in Wyre, a cryptocurrency project offering payment services. This step will help Stellar expand its ecosystem

Companies in the traditional financial sector are more willing to converge with the cryptocurrency industry. This process began to gain momentum in 2020 and is likely to continue in 2021. Stellar (XLM) is one of the projects that can capitalize on this trend.

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Stellar (XLM) invested $ 5 million in Wyre payment system

By incorporating Wyre into the ecosystem, the project team added another opportunity to quickly switch from fiat to crypto and vice versa..

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

Profitable partnership

Since launching in 2013, Wyre has processed more than $ 5 billion in transactions. Stellar hopes to leverage this technology to expand the range of available payment options. In particular, users will be able to exchange cryptocurrencies for fiat money such as the US dollar, pound, Canadian and Australian dollars, as well as euros..

In the near future, the developers plan to add support for USD Coin (usdc), one of the largest stablecoins pegged to the US dollar. Wyre will simplify the transition to cryptocurrency by eliminating the need to integrate applications into the Stellar ecosystem.

Commenting on the investment, SDF CEO and CEO Denelle Dixon said:

“The development of a network of support services for Stellar – issuers of stablecoins and payment solutions – helps Stellar to connect global financial systems with blockchain technology. By making it easier for projects to access and develop on our blockchain, we are moving closer to our goal – to create equal access to the global financial system for all “.

This is the second high-profile partnership of the project since early 2021. Earlier it became known that the oldest bank in Europe, Bankhaus von der Heydt, decided to launch the EURB Euro stablekion based on the Stellar blockchain. In addition, the editorial staff of BeInCrypto reported that Ukraine plans to use it to develop CBDC Paper notes and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC). As of … More.

New solutions in the Stellar ecosystem

The SDF oversees the development of the project and is a non-profit organization. The main task of the fund is to integrate services into the Stellar ecosystem that simplify the exchange between cryptocurrency and fiat..

Since its launch in 2015, the network has processed over 450 million transactions. With Wyre, Stellar will expand its capacity and add more customer options.

XLM dynamics

Stellar (XLM) invested $ 5 million in Wyre payment system

Meanwhile, the Stellar (xlm) cryptocurrency took the lead in growth in early 2021. The coin reached $ 0.44 as of January 6 and has doubled its value since the beginning of the year.

XLM / USD Chart Source: Tradingview

However, peaking in the first week of January, xlm quickly slipped into the middle of the $ 0.20- $ 0.30 range, where it spent the rest of the time. Analysts were delighted with the prospects of the project in 2021.

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