BTC Wires: San Francisco-based Tech firm Wyre, that has been providing blockchain services for fast and secure cross-border transactions, has now launched its own cross-border payments platform, which has also been dubbed Wyre. Wyre is the fastest cross-border money transaction platform in the industry right now, providing an extremely competitive rate at which companies might transfer payments across borders from country to country.
Recently, Wyre also announced that it bad received about $5.8 million in funding from a venture by Chinese firm Amphora Capital, which was also participated in two of the biggest names in payments right now in China; 9fBank and Baifoo.com. Other participants of the funding were Draper Associates, Digital Currency Group, and a few other prominent Silicon Valley investors. As of now, only users in the States and China can access the platform. The new funding is going to facilitate their expansion into Europe and Latin America as well.
“It is estimated that the demand for cross-border payment from Chinese companies and investors could reach $1.5 trillion USD within the next five years. Wyre is well positioned as a market leader to facilitate those transactions faster and at a lower cost. We believe Wyre’s cross-border technology will revolutionize global payment and remittance and have since made a sizable investment into the company,”
-said Chief financial officer of 9fBank.com, Sam Lin.
He maintains that the tremendous growth of the company is definitely going to carry forward well into future years. At present, approximately $35 million of cross-border transactions are being made on a monthly basis on the blockchain. Wyre is responsible for upto 90% of these payments.
Wyre has managed to vastly reduce the time and money required to make overseas transactions. It has achieved this by making money transfers using the same day transfer protocol at the most competitive rates to be had today. Generally, cross-border payments require anything between 1 to 3 days of time; they also charge approximately a 1 – 4.5% transaction fee based on the service provided. With the new platform, Wyre makes these same transfers happen in under 6 hours.