2021-8-21 16:50 |
Wyre, a San Francisco-based fiat-to-crypto and payment infrastructure company, has joined the Visa FinTech Fast Track program, which seeks to create innovative payment solutions by forging strategic partnerships with FinTech firms. This partnership will offer it unparalleled access to Visa technology and resources. Through this access, Wyre believes it will be able to build the next generation of FinTech innovations.
According to the press release, this development will also offer Wyre’s users more functionality, enabling them to seamlessly transfer funds from crypto to fiat through two new off-ramps. Wyre’s push-to-debit program will provide instant crypto payouts to its users’ bank accounts through their Visa debit cards. Additionally, the Wyre card issuance initiative will let users convert and spend the funds on their Wyre accounts in real-time via newly issued Visa debit cards.
Commenting on this development, Visa’s Head of Crypto, Cuy Sheffield, said Visa aims to create a bridge between the crypto world and its global network of 70 million merchants. He added that Visa is thrilled to work with Wyre to make it easier for the platform’s users to spend their crypto assets in any merchant store that supports Visa cards.
Striving to make crypto mainstreamPer Wyre’s CEO, Ioannis Giannaros, joining the Visa will help the company bolster its mission to bring crypto to the masses. He added that this partnership would make it easy for its users to spend their crypto balance.
Giannaros further noted,
Wyre has always placed an enormous emphasis on security and we are delighted that we have a direct relationship with Visa, as well as having support and resources from them as we scale.
As part of its goal to make crypto mainstream, Wyre launched a Savings API in the past week. According to the company, this API would let its partners offer their users a crypto savings account by creating a new savings sub-wallet. The company hopes that legacy firms will take advantage of this offering to introduce more people to crypto.
Explaining why it launched a Saving API, Wyre said it believes there will be an influx of new users and speculators when the crypto market rallies again. To ensure the speculators have a reason to stay, it intends to offer account holders interest rates ranging between 2.431% and 5.788% for just HODLing crypto.
The post Crypto startup Wyre joins the Visa FinTech Fast Track program appeared first on Invezz.
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