The Stellar Development Foundation has invested in Crypto Currencies payment company Wyre to boost support for financial applications in the Stellar blockchain ecosystem.
The Foundation said the $5 million Enterprise Fund investment in Wyre will introduce a variety of payment application programming interfaces (APIs) that can be used by apps on the Stellar network.
On/off ramps for the stablecoin USDC will also be introduced for existing fiat currency pairs including U.S. dollars, U.K. pounds sterling, the euro, the Canadian dollar and the Australian dollar.
Wyre was founded in 2013 and offers a number of services including fiat-to-crypto onramps, wallet infrastructure, compliance, forex and savings accounts.
“Adding Wyre to the Stellar ecosystem will create key payment infrastructure and enable relationships connecting international financial systems,” the Foundation said.
With USDC set go live on the Stellar network in the first quarter, the Wyre integration will provide a “compliant and reliable” way for Stellar-based apps to utilize the dollar-linked stablecoin without the need for developers to build additional tools, per the announcement.
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