Wyre partners with MakerDAO for international money transfers

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Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more
  • Wyre Inc. adds Dai stablecoin-fiat pairing
  • The currency pairing now available in 30 countries
  • Wyre ensures instantaneous movement of funds from Dai to fiat and vice versa making cross-border payments faster and easier

San Francisco-based Wyre Inc. just signed a partnership agreement with MakerDAO, the company that created Dai stablecoin.

The international blockchain company told the press that the stablecoin-fiat pairing is now available in over 30 countries including the United States.

The company adds that the new structure will enable users to move funds instantaneously from “fiat currency directly into and out of Dai”, eliminating the unpredictability of speculative digital coins like Bitcoin and Ethereum.

In a press release, Wyre Inc. claimed that partnering Dai to Wyre’s trading machinery and worldwide fiat on and off-ramps will permit almost instantaneous movement of money across borders. By reducing the period of time it takes to approve and clear transactions, organisations can boost the amount of payment cycles, which will in turn lead to a rise in revenues.

Crypto services or remittance platforms will be enabled to settle immediately in Dai rather than utilising international wires which often take upwards of 48 hours.

The partnership also resulted in an API that allows Wyre customers to integrate their bank accounts through Dai. Apart from this, MakerDAO will also take care of onboarding and compliance concerns.

MakerDAO CEO Rune Christensen told Bitcoin Magazine: “Through this partnership, we are now helping API developers leverage Wyre’s experience in banking and compliance so they can take advantage of the stability of Dai stablecoin to build and engage their communities, cutting through the red tape, and leaving the off-chain complications to a regulated money services business.”

With reference to the supply chain, Christensen went on to say, enterprises that have been initially hesitant to employ cryptocurrency in transactions can now go “directly from fiat currency into Dai stablecoin” without the necessity of having to take the intermediary measure of switching fiat to ETH and then to Dai.

Learn more about international payments here.


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