Latin America jumps ahead with its new collaboration, which will provide seamless crypto to fiat transactions. Wyre has announced an alliance with the Stellar network, which will allow local Brazilian and Argentinian currencies to be efficiently onboarded into digital assets. Due to the integration, Wyre is expanding its operation throughout Latin America, allowing developers and companies interested in using cryptocurrency to simply expand into new countries and consider new forms of payment.
The conversion of many worldwide currencies into cryptocurrency has always been a pain in the ass. Still, Latin America has a robust cryptocurrency infrastructure, making it desirable for businesses and innovators to flourish. Furthermore, the combination of Wyre and Stellar will allow for finance in one of the most rapidly growing cryptocurrency sectors to be liberalized and increased access to digital money through a more secure infrastructure.
A little glimpse about WYRE
Wyre is the crypto ecosystem’s top fiat-to-crypto and payment infrastructure, provider. The firm focuses on developers, providing simple-to-integrate APIs that allow thousands of developers to bring crypto to the people. Since its creation, the firm has “on-ramped” over 15 million end-users to its partners and handled over $10 billion in payments. Wyre’s main product, “Checkout,” is the world’s quickest fiat-to-crypto gateway and has assisted hundreds of crypto apps in reaching their target audiences.
“Building the cryptocurrency infrastructure to be more accessible is critical, especially as cryptocurrency becomes a more popular form of payment.”
Erich Grant, director of business development at Wyre
This integration will use Stellar’s robust SEP-24 protocol to enable easy and secure value transfers across the network at a fraction of the cost of traditional payment rails. It will allow users to access Stellar’s network and anchors via Wyre’s API and Widget to convert Brazilian Reals and Argentine Pesos into various digital assets.
Latin America and crypto adoption
Latin America was always far ahead of others with regard to adopting and accepting cryptocurrencies. The region always tried to provide a flexible ecosystem for crypto to flourish. It is also home to El Salvador, which was one of the early adopters of Bitcoin as a legal tender.
This is just the beginning of the earliest stages of crypto adoption. With each country and government following the bandwagon, it’s difficult to overlook how far the crypto ecosystem has risen.