As the number of digital wallet users across the globe continues to increase, Wyre and Rehive have teamed up to make it easier and quicker for companies or businesses to launch “fully” compliant and customized Fintech apps.
Together, Wyre and Rehive will aim to offer a range of different functionalities and capabilities such as license acquisition, bank partnerships, compliance, software, integrations, and more, “allowing businesses to tap into this rapidly growing market with guidance from the experts.”
The update also mentioned that this collaboration supports businesses as they “bring Fintech capabilities in-house while helping to keep overhead costs low.”
Since the process of creating a fintech app or wallet from scratch can be really costly — “sometimes costing over $250K” — Wyre and Rehive’s new partnership “sets up companies at a fraction of the price and saves considerable time throughout the development process allowing builders to develop their vision in days, not months.”
As noted in the update:
“Wyre’s role in this partnership is key — as Rehive helps businesses build the app infrastructure, Wyre is positioned to help clients save time and money by assisting with compliance, providing on and off ramps between crypto and fiat, as well as providing custody for user-end funds and much more.”
As explained in the announcement, Wyre’s unique APIs make it “easy for developers to integrate on- and off-ramps for seamless fiat-to-crypto payments, while also taking care of the money services license to ensure a headache-free, positive consumer experience.”
Additionally, Wyre will help businesses “create digital wallets, process payouts and complete integrations while providing secure access to the most inclusive and open monetary infrastructure in the world,” the announcement added.
The update also noted that the initial phase of this partnership will “support USDC — a dollar stablecoin — powered on the Stellar network.”
Stellar, another partner of Wyre’s, enables “seamless, near instant, low-cost cross-border payments.”
According to the companies, this is “an exciting and bold new step for both Wyre and Rehive as, together, everyone will have the ability to create amazing products that realize the future of finance.”