San-Francisco-based blockchain start-up Wyre, a FinTech cross-border payments firm, has acquired Bejing-based Remitsry, a start-up that specializes in
San-Francisco-based blockchain start-up Wyre, a FinTech cross-border payments firm, has acquired Bejing-based Remitsry, a start-up that specializes in blockchain payments.
Last year, Wyre launched its namesake blockchain platform that will support remittance payments between China and the USA.
Wyre`s blockchain platform takes deposits via API from a large payment company. These transactions are recorded and sent over Wyre`s ledger. Thus, the start-up delivers the funds in compliance with the transaction`s instructions.
According to Wyre, the transfers they offer can go through in “less than six hours” between the USA and China. By contrast, traditional bank transfers require a settlement intermediary and take three to five business days.
After integrating Remitsy, Wyre`s transactions are reportedly said to become even faster, as Wyre`s chief Executive Michael Dunworth said.
Remitsy has worked with Alipay, a well-known vendor launched by Alibaba Group Holding Ltd (BABA.N). The acquisition of Remitsy will be beneficial for Wyre.
“It’s the first time any Wyre customer will be able to provide pay-out in China via Alipay.”, said Dunworth in an interview with Reuters (reuters.com).
“Adding Alipay to our platform would be a huge benefit.”, added Dunworth.
At the moment, Wyre has about 1,000 customers and a monthly payment volume that reached $50 million in March. As Dunworth expects, transactions are to scale up to $70-$75 million in the months following the acquisition of Remitsy.
The start-up has also announced its plans to expand to Europe and Latin America.