Blockchain-based payment transfer firm Wyre has formed a strategic partnership with MakerDAO, a developer of Dai, to add stablecoin to its platform starting August 14.
Terms of the agreement
According to the agreement, Wyre will launch the new Dai-based crypto-fiat trading pairs. The pairs will be available for trade in over 30 countries around the world. Once the two companies start implementing the agreement, Wyre will start applying its approved and regulated payment transfer system to facilitate instant fiat currency withdrawal and deposit in and out of Dai.
The new program is expected to help Wyre customers avoid the many challenges that come with speculative virtual currencies like Bitcoin and Ether. Additionally, the new move will add more advantages like improving security and speed using blockchain technology. In general, the new product has been well designed and optimized to offer customers with an effective, efficient and secure money transfer system supported by regulatory approvals.
Facilitating cross-border movement of money
In a press release, MakerDAO said the partnership will facilitate fast movement of money between countries. The company says the reduction of time of payment will help increase the number of transactions, hence increasing liquidity. Additionally, crypto services and remittance platforms will also be able to instantly settle payments in Dai as opposed to using global wire systems, which can take as long as 48 hours to complete.
To make it convenient to use Dai, Wyre has announced that it is developing an elegant and sophisticated API, which will connect the blockchain to individual accounts through Dai. The company has also announced that it will be working to improve its AML and KYC policies as well as addressing compliance issues. This will offer a smooth trading experience for the customers. The new arrangement will also make it easy and cheap for Wyre’s institutional and large-scale investors to programmatically access Dai trading pairs against the common fiat currencies like USD, AUD, HKD, CNY, CAD and EUR.