As the cryptocurrency economy grows, the new partnership will create demand for the Argentine pesos and the Brazilian reals.
Wire, a leading provider of cryptocurrency compliance infrastructure, announces an integration with the Stellar Network to effectively integrate Brazilian and Argentine local currencies into digital assets. Through integration, Wyre will expand its operations in Latin America and facilitate developers and businesses seeking to expand cryptocurrency transactions to expand into new regions and adopt new payment methods.
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Although it has been historically difficult to convert various global currencies into cryptocurrency, Latin America has a strong cryptocurrency infrastructure, making it an important destination for business and developer expansion. In addition, this integration between Wire and Stellar enables financial democratization in one of the largest emerging cryptocurrency markets and provides greater access to digital capital with a more secure system.
Wyre will work with the Digital Property Settlement Network and the Stellar Anchor Settle to provide tight integration within the Latin American cryptocurrency infrastructure. The Settle Network provides the infrastructure needed to process cross-border transactions, payments and digital assets.
“As we integrate the next billion people into a bold new world, the wire must act quickly to make change as unimpeded as possible. Powered by Stellar Protocol, Ioannis Giannaros, co – founder and CEO of Wyre, says: “This first integration will create local Fiat’s and out-ramps and allow individuals and businesses to move local currency inside and outside cryptocurrency without hindrance.”
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“We need to make the cryptocurrency infrastructure more accessible, especially as cryptocurrency becomes a more popular form of payment,” says Eric Grant, director of business development at Wyre. “This integration with the Stellar network is the first step, and we hope it will serve as a model for integrating similar infrastructure with other local Fiat channels in the future.”
Utilizing Stellar’s powerful SEP-24 protocol, this integration will enable value transfer on the network easily and securely within a fraction of the cost of traditional tariff lines, and will allow users to access Stellar’s network and anchors through Wyre’s API and widget. Brazilian rials and Argentine pesos as various digital assets.
“Stellar Anchor Network enhances the ability for developers to securely embed digital assets with foreign currencies,” said Denelle Dixon, CEO and Managing Director of the Stellar Development Foundation. “We look forward to collaborating with Wire as they use the Stellar network to expand their base in Latin America.”
As cryptocurrency is still widely used, it is necessary to create a more transparent process for converting local currencies into digital assets. The new integration of the two leading platforms is the first step in providing a globally accessible and efficient infinite payment solution.
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