Wyre is a crypto-friendly payments company which leverages blockchain to facilitate cross-border payments. They have partnered with several prominent cryptocurrency companies to provide users with an easy-to-use fiat gateway into and out of the crypto ecosystem.
Wyre allows cryptocurrency purchases and withdrawals to be made in-app, using common payment methods such as Apple Pay, Google Pay, and most major credit cards.
Wyre has been dubbed the “Stripe of Crypto”, highlighting their similarity to the user-friendly payments giant.
The company has had several traditional funding rounds, beginning with a $1.5 million seed round in 2014. Since then, Wyre has raised subsequent Series A and B rounds to the tune of roughly $10M as of February 2020.
Notable investors include Draper Associates, Digital Currency Group, and 9F Group from China.
Wyre provides users with one of the most simple and reliable ways to get from fiat into crypto (and vice versa) without leaving the app.
By integrating the Wyre API, cryptocurrency app developers can ensure that users can interact with their services without needing to use an external cryptocurrency exchange.
When purchasing cryptocurrency with the latest version of Wyre, users are simply greeted with a window to pay with Apple Pay, Google Pay, or credit card. Payments can also be made by linking a bank account, incurring a slightly longer process.
This quick and easy method of payment is especially important for those who are new to cryptocurrency but want to try out a wallet or web3 application.
Wyre prides themselves on their international transaction speeds, taking less than 6 hours and charging under 1%, compared to around 3 days and 4-6% fees for banks.
How does it work?
Here’s a look at how in-app cryptocurrency purchases look, using Wyre V2.
Whether it’s a desktop or mobile application, a Wyre-integrated app will have a button for purchasing cryptocurrency with fiat currency. Upon clicking the button, a window similar to the one below will appear:
From here, a user will simply select the asset they wish to purchase, as well as the quantity, measured in US dollars (or other supported fiat currency).
From here, they will select their payment method, and confirm they have read the terms and conditions.
A final window will appear to confirm the transaction, via the chosen payment method. Click “Continue” to finish.
That’s it! With just a few clicks of a button, a user now has some new cryptocurrency to use – without leaving the app.
Bear in mind that purchases made with Apple Pay, Google Pay or credit card all have a first-transaction limit of US$250, and a lifetime limit $1,500. Those wanting to transact with greater values will be required to undergo a more thorough know-your-customer (KYC) process.
How to get involved?
For developers interested in integrating Wyre into their dApp or wallet, visit their official website https://www.sendwyre.com/