Cryptocurrency infrastructure provider Wyre has integrated with the Stellar network to effectively onboard local Brazilian and Argentinian currencies into digital assets. Through the integration, Wyre is growing functionality in Latin America and allowing developers and businesses looking to leverage cryptocurrency transactions to expand into new regions, and accept new forms of payment.
While exchanging various global currencies into cryptocurrency has been historically challenging, Latin America boasts a strong cryptocurrency infrastructure, making it a prime location for businesses and developers to expand. Wyre will work with, Settle, a digital assets settlement network and Stellar anchor, to provide closer integrations within the Latin American cryptocurrency infrastructure. The Settle network provides the infrastructure needed to process cross-border transactions, payments, and digital assets.
“As we bridge the next billions of people into a brave new world, Wyre needs to move fast on making the transition as seamless as possible. This integration gives our partners easy access to some of the largest countries within Latin America and provides millions of people access to the crypto economy – all powered through the safe and powerful Stellar Protocol.” says Ioannis Giannaros, co-founder and CEO of Wyre. “This first integration will create local fiat on and off ramps and enable individuals and businesses to move local currency seamlessly in and out of cryptocurrency.”
“Building the cryptocurrency infrastructure to be more accessible is critical, especially as cryptocurrency becomes a more popular form of payment,” added Erich Grant, director of business development at Wyre. “This integration with the Stellar Network is only the first step and we’re hopeful it can be the blueprint for similar infrastructure to be integrated into other local fiat channels in the future.”
Using Stellar’s SEP-24 protocol, this integration will enable transfers of value across the network at a fraction of the cost of traditional payment rails and, through Wyre’s API and Widget, allow users to access Stellar’s network and anchors to convert Brazilian reals and Argentine pesos into a variety of digital assets.
“The Stellar anchor network is growing developers’ ability to securely onboard digital assets through foreign currencies,” said Denelle Dixon, CEO and executive director of Stellar Development Foundation. “We’re looking forward to collaborating with Wyre as they leverage the Stellar network to expand their platform in Latin America.”
