Wyre, a project looking to lower “the barriers to entry for fintech entrepreneurs around the world,” is bringing something called an “on-ramp” to the table. Their goal is to make crypto payments more easily accessible so companies in the space can work better with fiat, according to a blog post from the company.
Interestingly, the post starts with the company stating that they had tried to work with as many partners as possible when developing their on-ramp situation. However, that ended up being overwhelming for them, so Wyre’s engineers found a new solution to on-ramping. Thanks to the community of developers out there, Wyre was able to achieve the following solution, otherwise known as Wyre V2.
The post describes Wyre V2 as “simple, secure, fast, and requires only a few clicks from users. KYC/AML is abstracted from the user by leveraging the information already provided by Apple Pay ® and Google Pay ™.” Essentially, users and companies can use their crypto without needing a whole ton of extra information – only the stuff already saved in their devices.
Arguably, their biggest issue beforehand was the know-your-customer (KYC) flow. While user information is vital to ensuring legitimate users are on the platform, they had to manually input it all which could be frustrating. The change here is what’s mentioned above – pulling the information from Apple Pay and Google Pay.
The fees for these transfers will soon be cheaper as well, and for companies, they can now integrate or embed a “Wyre-branded Apple Pay/Google Pay checkout” into their application.
There are more features to come as well, but what’s great here is that more companies are finding ways to introduce cryptocurrencies to the mainstream: something that will ensure these digital assets’ success in the long run.
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