Leading blockchain payments company Wyre announced the launch of its new Wyre Savings API that allows FinTechs to access yield-earning savings products by leveraging Stellar USDC. The Wyre Savings API offers an annual yield that is higher than the traditional Dollar savings account (0.06%). Clients also can access the Savings API for personal use or power feature-rich products for their end-users.
Stellar’s $5 Million Investment
The new Saving’s API comes hot on the heels of an investment of $5 million in Wyre by the Stellar Development Foundation’s Enterprise Fund earlier in the year. As a result, stellar ecosystem partners, enterprises, and institutions all have access to easy, on-ramp-based Stellar assets such as USDC.
This is an addition to Stellar Network’s already existing quick and low-cost rails for financial services integrations and products. The earnings in Wyre savings accounts are paid monthly and compound in value. There is no fee charged by Wyre for the on-ramping fiat value via ACH to the savings wallet.
Fueling Innovation And Connecting Global Financial Systems
CEO and Executive Director of Stellar Development Foundation Denelle Dixon Stated,
“The successful development of the new Wyre Savings API is a perfect example of how Stellar can help fuel innovation and connect global financial systems through blockchain technology and strategic Investment. “As a Stellar anchor, Wyre’s industry-leading payment APIs — including its savings functionality — provides simple on- and off-ramps to Stellar USDC and high-value offerings to partners in developing countries. By making it easy for FinTechs to accept funds and offer their users a way to earn on savings, Wyre is simplifying and enriching development on Stellar and helping to strengthen the network as a whole further.
Wyre CEO Ioannis Giannaros added,
“We’re excited to make the Wyre Savings API officially available to FinTechs who want to make savings functionality with yield payouts readily available to their users. With this Savings API, we’re giving FinTechs faster access to deposits and the confidence of doing business with a licensed money transmitter. This is a huge win for early-stage FinTechs looking to quickly expand the functionality available to their users-- particularly those seeking to accept funds and offer stable currency savings with earning capability in the developing world.”
Offering Advanced Financial Services To Businesses and Individuals
Since 2013, Wyre has executed more than $5 billion in transfers, offering advanced financial services to all types of clients ranging from businesses, individuals, and enterprise clients that include fiat-to-crypto on-ramps, compliance, payouts, wallet infrastructure, savings accounts, and foreign exchange.
Being a part of the Stellar ecosystem, Wyre has a presence in 50 countries and is a licensed money transmitter in 27 states in the U.S. Wyre is continuously creating payment infrastructure and connecting international finance systems.
Airtm Becomes The First To Use Wyre’s Savings API
Airtm, a Mexico-City-based FinTech company, has become the first FinTech to use the Wyre Savings API. Head of Product and Co-Founder of Airtm, Josh Kliot, stated,
“Using Wyre’s Savings API and Stellar USDC to provide our Latin American clients the ability to accrue earnings has been a tailwind for incentivizing their funds to remain as dollars instead of withdrawing to devaluing local currency, reinforcing our mission to help people throughout the developing world access stable currency financial services.”
A leading payment infrastructure and fiat-to-crypto company, Wyre provides easy-to-integrate APIs, enabling developers to bring crypto to the masses. Wyre has to date, on-ramped more than 15 million end-users, processing over $10 billion in payments.
Wyre’s premier offering, “Checkout,” is the fastest fiat-to-crypto gateway, helping crypto-applications to reach customers quickly and seamlessly.
Scalable, fast, and decentralized, Stellar is a sustainable network for financial products and financial services. It acts as a platform for digital asset issuance and cross-currency transaction system, connecting the global financial infrastructure.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.