Wyre integrates US dollar and major fiat currencies directly into Avalanche’s DeFi ecosystem
Wyre, a payments infrastructure provider in crypto, has integrated its payment gateways into Avalanche’s DeFi ecosystem, enabling users in the US and more than 50 countries to convert US Dollars and eight additional currencies into Avalanche’s native token, AVAX, in as little as 30 seconds.
The integration, which is now complete, allows developers building on Avalanche to integrate Wyre’s payment infrastructure into their applications. AVAX accessed through Wyre is deposited directly to users’ X-chain addresses. Support for Avalanche’s C-chain is coming soon to create an even better experience for DeFi users.
Since the launch of the Avalanche-Ethereum Bridge (AEB) on February 8, 2021, DeFi activity on Avalanche has boomed. Users have executed more than 2.8 million smart contract transactions and created more than 123,000 unique addresses.
Since 2013, Wyre has built a compliant and global payment infrastructure to enable developers to bring crypto to the masses. It has traded over USD3.5 billion in cryptocurrency assets, and completed more than USD750 million in bank-to-bank FX payments.
In making the fiat-to-crypto transition more seamless for users of DeFi gateways like MetaMask, it has played a key role in accelerating the growth of DeFi.
“Wyre’s integration into the Avalanche ecosystem dramatically improves the user experience for US individuals accessing DeFi on the platform,” says John Wu, President of Ava Labs. “Wyre will also play a key role in bringing Avalanche to the masses with upcoming applications and marketplaces that are likely to be users’ first introductions into cryptocurrencies.”
“Avalanche is an exciting network that shows that there’s still so much untapped potential in DeFi. Wyre will support this passionate community with trusted payments infrastructure as it grows to new users and applications,” says Ioannis Giannaros, CEO of Wyre.