The Stellar Development Foundation has invested in blockchain payments company Wyre to improve support for financial applications in the Stellar ecosystem.
The foundation announced that the Enterprise Fund’s $ 5 million investment in Wyre will introduce a variety of payment application programming interfaces (APIs) that can be used by apps on the Stellar network.
Stable Coin UDC on / off ramps will also be introduced for existing fiat currency pairs, including the US dollar, British pound sterling, euro, Canadian dollar, and Australian dollar.
Wyre was founded in 2013 and offers a range of services including fiat-to-crypto ramps, wallet infrastructure, compliance, forex and savings accounts.
“The addition of Wyre to the Stellar ecosystem will create a vital payment infrastructure and enable relationships between international financial systems,” the foundation said.
With USDC going live on the Stellar network in the first quarter, Wyre’s integration will provide Stellar-based apps with a “compliant and reliable” way to leverage dollar-linked stablecoin without developers having to create additional tools, Announcement.
The foundation said it was the first investment from its corporate fund this year. The fund has invested over $ 14 million since inception in fiscal 2020.
“The Enterprise Fund was established to support business-minded companies that reflect Stellar’s goals – such as enabling cross-border payments and global access to financial services – while adding practical value to the Stellar ecosystem,” said Jason Chlipala, Chief Operating Officer Officer from the Stellar Development Foundation.
The fund is expected to continue investing this year, he added.