Blockchain startup Wyre has just raised new venture capital funding and is now claiming to operate the fastest cross-border blockchain payments network.
Reports Thursday (Dec. 15) said Wyre secured $5.8 million in Series A funding from Amphora Capital in China. 9fBank and Baofoo.com also reportedly participated in the financing of the U.S. company, while Digital Currency Group, Draper Associates and other backers across Silicon Valley provided funding as well.
Wyre’s blockchain-fueled payments platform is now available in the U.S. and China, the company said, and will use the Series A funding to expand its services into Europe and Latin America.
“It is estimated that the demand for cross-border payment from Chinese companies and investors could reach $1.5 trillion within the next five years,” 9fBank CFO Sam Lin said in a statement. “Wyre is well-positioned as a market leader to facilitate those transactions faster and at a lower cost. We believe Wyre’s cross-border technology will revolutionize global payment and remittance and have since made a sizable investment in the company.”
According to reports, Wyre currently facilitates 90 percent of the $35 million in payments transferred across borders via blockchain. It offers competitive rates between 1 and 4.5 percent, the company said, and can complete a transfer in less than six hours — what it claims is the fastest in the industry.
The startup currently operates in beta with several businesses, including NihaoPay, the company that provides payment services for WeChat.