Blockchain payment firm Wyre receives $5 million investment from Stellar Development Foundation
Today, the Stellar Development Foundation announced Tuesday that it invested $5 million in Wyre.
The SDF told The Block that the funding effort was a Series B2 funding round, with the foundation leading for $5 million. Draper Associates and Great Oaks Venture Capital invested an additional $2.5 million.
The funds are intended to help broaden fintech payment API options for Stellar. By adding Wyre to its ecosystem, Stellar intends to expand its USDC on/off ramps with pairs for USD, EUR, GBP, CAD, and AUS as well as boost its overall support infrastructure.
“Growing the network of Stellar anchors — stablecoin issuers and on/off ramps — is fundamental to how Stellar connects global financial systems with blockchain technology,” Denelle Dixon, Stellar’s CEO and executive director, said in a statement.
Dixon also recently filled Stellar’s new board seat. “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.”
© 2021 The Block Crypto, Inc. All Rights Reserved. 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.
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Author: MK Manoylov
