Key Takeaways of Wyre Alliance with MakerDAO

Key Takeaways of Wyre Alliance with MakerDAO

The blockchain-powered payment transferor, Wyre has struck a deal with MakerDAO to provide crypto trading pairs with the help of Dai. The stablecoin is only one-year-old and is now getting added into the payment transferor firm’s portfolio. Following the agreement between the two, the trading pairs could be available in over 30 countries around the globe. This included the United States, which is a key market for anyone since it is enjoying the number one status in the adoption rate.

Regulated Payment Transfer

Once the deal between Wyre and MakerDAO reaches its effect, there would be guidelines that would allow the former to make use of the infrastructure for regulated payment transfer. This will allow enough room for processing fiat currency directly with the help of Dai instantly. The companies expressed the confidence that this new feature would enable customers of Wyre to shed their uncertainties that are connected with any speculative crypto coins, be it bitcoin or ether or any other virtual asset.

At the same time, the agreement will also provide additional advantages like security guarantees through blockchain technology and enhanced speed, reported. On the whole, the deal provides a maximized offering to customers for not only efficient but also high-security money transfer protocol. This would be supported by the necessary approval from the regulators. Dai is an open smart contract platform guaranteeing stability enabling customers to exchange Dai by placing their assets as collaterals.

The key factor is that there will not be any third party and ensures that there is no need for mere face value for customers. A press statement by MakerDAO said, “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.”

Wyre indicated that it would deploy elegant API connecting bank accounts with that of the blockchain through Dai for the organizations that are looking to use Dai. Aside from these, the company has promised to monitor every KYC and ASML onboarding and compliance issues. At the same time, it would ensure that customers would not suffer due to those pesky issues.

Institutional Customers

The institutional customers of Wyre would have the chance of accessing Dai trading pairs programmatically against mostly used fiat. This included CNY, CAD, EUR, AUD, GBP, HKD, and USD. MakerDAO CEO, Rune Christensen, talked about the gains for organizations that are keen to use Dai. He said that the objective is to create seamless connections that could add a number of fiat money with Dai.

As a result, organizations having access to a decentralized and stable currency could peg with the American Greenback. Importantly, there is no room for tweaking the core mechanics of Dai. Similarly, it cannot be compromised thus providing new offering an additional trust point.

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