In another piece of highly welcome news, Wyre, one of the world’s premier blockchain-based money transfer operators, has just entered into a partnership with MakerDAO, the company behind the Dai stablecoin, to offer customers with a fiat-crypto trading pair that will be available in excess of 30 nations around the globe (including Britain and the United States).
Using its newly evolved structure, Wyre will now help facilitate the transfer of fiat currency directly ‘in and out of Dai’, thus introducing a new level of stability and certainty which was previously unavailable with assets such as Ethereum and Bitcoin.
Additionally, the Dai blockchain also provides users with added benefits related to increased transfer speeds and overall security. Lastly, it is also worth mentioning that this latest transfer protocol lays in full accordance with the regulatory requirements (KYC and AML) that are needed to facilitate such transactions.
How will this latest offering help crypto enthusiasts?
As per an official press release, representatives of Wyre claim that:
“Pairing Dai to Wyre’s trading engine and global fiat on-ramps and off-ramps will enable nearly-instant movement of funds across borders. By decreasing the amount of time it takes to clear payments, businesses can increase the number of payment cycles, therefore increasing revenue. Remittance platforms or crypto services can also settle instantly in Dai rather than using international wires which can take up to 48 hours.”
If this wasn’t enough, the company is also offering users with an API that has the potential to link one’s bank accounts to the blockchain via Dai.
The currencies that will be available for trade against Dai include big name fait-assets such as:
The US Dollar (USD)
Great Britain Pound (GBP)
How this latest partnership pans out for both of the aforementioned companies remains to be seen, but Rune Christensen, CEO of MakerDAO, remains positive and maintains that through his company’s latest venture ”API developers will be provided with a lot of leverage”.
He then added
“As it relates to the supply chain, organizations that may have been hesitant to engage in crypto transactions can now go directly from fiat currency into Dai stablecoin without having to take the middle step of converting fiat to ETH and then to Dai.”