Wyre offers new Savings API powered by the Stellar Network
By Pavithra R
Wyre Savings API offers annual yield many times the average traditional U.S. dollar savings account. The firm’s enterprise clients will have the option to access the Savings API for their own use or to power feature-rich earning products for their end-users.
“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. With this Savings API, we’re giving FinTechs faster access to deposits and the confidence of doing business with 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,” said Ioannis Giannaros, Wyre CEO.
The new Savings API comes on the heels of a $5 mn investment by the Stellar Development Foundation’s Enterprise Fund in Wyre earlier this year. On top of the Savings API, Wyre customers have an easy on-ramp to Stellar assets like USDC and XLM, utilizing the network’s low-cost, high-speed transaction technology. Earnings in Wyre Savings accounts are paid out monthly and compound in value. Wyre does not charge a fee for on-ramping fiat value via ACH to the savings wallets.
“The successful development of the new Wyre Savings API is a perfect example of how Stellar can help fuel innovation and connect global financial systems through blockchain technology and strategic investment. 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,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.
Mexico City-based FinTech Airtm is one of the first FinTechs to use the Wyre Savings API to expand their services available to users.
Established in 2013, Wyre is the leading fiat-to-crypto and payment infrastructure company for the crypto ecosystem. It offers an advanced portfolio of financial services to individual, business, and enterprise clients, including fiat-to-crypto on-ramps, payouts, compliance, crypto wallet infrastructure, foreign exchange, and savings accounts. As part of the Stellar ecosystem, Wyre operates in 50 countries, is a licensed money transmitter in 27 U.S. states, and continues to create key payment infrastructure and enable relationships by connecting international financial systems.