Wyre Adds MakerDAO Stablecoin Pairing for Global Money Transfers

15.08.2018 bitcoinbabeau 0


Blockchain money transfer company Wyre has announced a partnership with MakerDAO, creator of the Dai stablecoin, to offer Dai as part of a fiat-crypto trading pair in more than 30 countries across the world including the U.S.

Under the new framework, Wyre’s regulated money transfer infrastructure will be used to facilitate the instantaneous movement of “fiat currency directly into and out of Dai,” thereby removing the unpredictability of “speculative cryptocurrencies like Ethereum and Bitcoin” and benefiting from the speed and security of the blockchain, a press release for the announcement states. The arrangement is designed to give customers a quick and secure money transfer protocol that offers full regulatory compliance.

“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,” the release continues.

Through the partnership, Wyre now offers prospective users an Access Point Interface (API) to connect their bank accounts to the blockchain through Dai, while taking care of KYC/AML compliance and onboarding concerns. Using the API, users can now trade Dai against many of the world’s major fiat currencies and cryptocurrencies including USD, GBP, EUR and more.

Speaking with Bitcoin Magazine, Rune Christensen, CEO of MakerDAO, said the alliance would be beneficial to API developers who can leverage Wyre’s experience as a regulated money service business and focus on creating access from local currency to Dai to fulfill global transactions.

“Through this partnership, we are now helping API developers leverage Wyre’s experience in banking and compliance so they can take advantage of the stability of Dai stablecoin to build and engage their communities, cutting through the red tape, and leaving the off-chain complications to a regulated money services business,” he stated.

“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.”

For his part, Wyre CEO Michael Dunworth indicated that the partnership offers users around the world a cost-effective means of breaking through bureaucratic red-tape in a compliant manner. In his own interview with Bitcoin Magazine, he said, “We’re committed to developing partnerships with leaders like MakerDAO to enable the blockchain ecosystem to evolve at a faster pace.”

Since its launch in 2017, Dai has maintained its advertised USD valuation, which has earned it the respect and esteem of the crypto community. Unlike other popular stablecoins like Tether and TrueUSD, which are backed by fiat, Dai is crypto-collateralized, backed by coins like ether and bitcoin.

This article originally appeared on Bitcoin Magazine.

Intercontinental Exchange to Introduce Bakkt, a Crypto Payment System for Retailers

04.08.2018 bitcoinbabeau 0

Intercontinental Exchange to Introduce Bakkt, a Crypto Payment System for Retailers

This November, cryptocurrency users will be introduced to Bakkt, a new company designed to give millions of retail merchants the chance to buy, sell and trade digital currencies — and even buy a cup of coffee. The company is being launched by Atlanta-based Intercontinental Exchange (ICE), the parent company to the New York Stock Exchange (NYSE) and a leading operator of clearinghouses, global exchanges, and data and listing services.

Bakkt CEO Kelly Loeffler explained, “Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”

ICE is also devising “a 1-day physically delivered Bitcoin contract along with physical warehousing,” according to the official press release. If the offering receives the approval of the U.S. Commodity Futures Trading Commission (CFTC), it will begin trading in November of this year.

Introduced in 2000, Intercontinental Exchange is a Fortune 500 company and Fortune Future 50 company. The venture was built to modernize markets and ease the risks and tensions associated with stocks and futures trading by managing the data houses and exchanges traders regularly utilize.

Jeffrey C. Sprecher, the founder, chairman and CEO of Intercontinental Exchange, believes that as cryptocurrencies venture deeper into mainstream territory, it is ICE’s job to ensure that consumers and merchants alike can use them safely — which has ultimately led to the creation of Bakkt.

“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets,” he explained.

To ensure customer security, executives of Bakkt have announced that they are partnering with software giant Microsoft to implement the company’s cloud solutions. This will create a globally regulated and open marketplace for digital asset users. Thus far, Bakkt has garnered funding from venture funds and Wall Street players including Pantera Capital, Protocol Ventures, Galaxy Digital and Horizons Ventures.

One of the biggest retail merchants to sit at Bakkt’s table will be the Seattle-based coffee king Starbucks, which plans to utilize the company’s payment system so customers can purchase drinks, baked goods and merchandise with cryptocurrency.

In a statement, Maria Smith, the vice president of partnerships and payments for Starbucks, asserted, “As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”

This article originally appeared on Bitcoin Magazine.

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