Wyre, a leading fiat-to-crypto payment company, announced a new savings API where fintech companies can access yield-earning savings products leveraging Stella USDC.
According to a press release shared with Coinfomania, the new development follows a $5 million investment made by the Stellar Development Foundation in Wyre earlier this year through a strategic partnership.
The collaboration gives Stellar ecosystem partners, projects, and institutions access to Stellar-based assets in addition to a smooth savings API. The Stellar ecosystem provides a strong network that sends and receives various types of assets and also provides relatively low and fast financial services and products.
Wyre provides fintech developers with the simplest, easy-to-use APIs to connect users to the blockchain industry. The company has over 15 million users since its opening in 2013 and has successfully cleared 10 billion in payments.
“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,” said Ioannis Giannaros, Wyre CEO.
Giannaros further revealed that the Savings API will allow Fintech to gain faster access to deposits while having the confidence to do business with Wyre, 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,” the CEO added.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation believes that the successful development of the Wyre Savings API is “a perfect example” of how the Stellar blockchain can help improve global financial systems.
“As a Stellar anchor, Wyre’s industry-leading payment APIs — including its savings functionality — provide 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 further strengthen the network as a whole,” Dixon said.
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