Wyre, a fiat-to-crypto and payment infrastructure company, has been accepted into Visa's fintech fast track program. The latest development is seen as deepening the collaboration between the firm and Visa, given their previous relationship. Wyre has to date, processed millions of Visa credit and debit card transactions from 60 countries.
“We want to serve as the bridge between the crypto ecosystem and our global network of 70 million merchants. We’re excited to work with platforms like Wyre, which are working to make it easier for users to spend from their digital currency balance – anywhere Visa is accepted.” Head of the Crypto at Visa, Cuy Sheffield
The San Francisco based firm develops a wide variety of payment APIs that offer a fast and cost-effective way of transferring money. Through Visa’s FinTech Fast Track Program, Wyre will gain unprecedented access to Visa’s technology and resources, leveraging the reach, capabilities, and security of Visa to build the next generation of FinTech innovations.
Wyre CEO Ioannis Giannakos said, “Joining Visa’s Fast Track Program enables us to double down on our mission to bring crypto to the masses. Our relationship with Visa makes it simple for end-users to easily and safely spend their cryptocurrency balance. Wyre has always placed an enormous emphasis on security, and we are delighted that we have a direct relationship with Visa, as well as having support and resources from them as we scale.”
Visa’s Fintech Fast Track Program provides startups like Wyre with direct access to Visa’s growing partner network as well as its experts who can help expand their business in the most efficient way possible.
Through Visa Fast Track, Wyre will be able to provide additional functionality to its users, allowing them to seamlessly move money between crypto and fiat with two new offramp offerings.
- Wyre’s push-to-debit program will enable instant pay-outs of crypto holdings to users’ bank accounts via their Visa debit cards.
- Wyre’s card insurance program will enable users to convert and spend their Wyre-hosted balances in real-time on newly issued Visa debit cards, advancing Wyre’s commitment to bring crypto to the masses.