Blockchain money transfer company Wyre has expanded its API to bolster compliance and liquidity to decentralised exchanges and applications.
The new service offers cryptocurrency companies with an API to allows them to compliantly onboard customers in five countries, instantly convert both crypto and fiat currency, and send payments globally.
“Crypto companies spend a lot of time and money trying to navigate the regulatory space. It’s tough,” says Michael Dunworth, CEO and founder of Wyre. “Wyre is taking its first step toward allowing the developer community to tap this infrastructure of compliance, banking, and liquidity through one API, so that they can focus on building products that progress the ecosystem. Ideally, we can bring the go-to market time from 6 weeks to 6 hours.”
Wyre has partnered with AirSwap, a leading decentralised trading network, to integrate the new offering. With its new conversational trading product, Airswap users will now be able to onboard quickly, exchange fiat currency to cryptocurrency within their self-custodied Ethereum wallets, and trade directly on the decentralized network in a compliant manner.
AirSwap also now allows its users to interact with the fiat world without worrying about AML/KYC onboarding and compliance issues, which Wyre handles from end-to-end right out of the box.
“As we offer more sophisticated ways to participate in the AirSwap network, having Wyre handle fiat and compliance lets us focus on our products,” added Don Mosites, co-founder of AirSwap. “The decentralized web needs services like these to thrive, and we’re thrilled to be working with Wyre to minimize headaches and maximize the decentralized trading experience.”
Headquartered in San Francisco, Wyre utilises blockchain technology to execute cross-border payments for businesses and individuals faster and cheaper than banks.
Founded in 2013 as one of the original infrastructure 1.0 crypto companies, Wyre has traded $3.5bn in cryptocurrency assets in-house and have completed more than $750m in bank-to-bank commercial FX payments to date.
Earlier this year, the Canadian government launched its official draft of new regulations on crypto exchanges and payment processors. The draft describes new regulations and seeks to address a “number of deficiencies” that the Financial Action Task Force (FATF) defined after evaluating in 2015 to 2016 according to the Gazette. The main aim of the regulation is to strengthen Country’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF).
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
