Wyre, a San Francisco FinTech company, has launched its cross-border payments platform, also called Wyre. Wyre is using the blockchain to make cross-border payments faster and more cost effective. The platform is to enable businesses to move money across borders from country-to-country at a competitive foreign exchange rate.
Wyre also announced its $5.8 million in Series A funding led by Chinese venture firm Amphora Capital with participation from two China payments companies 9fBank and Baofoo.com, along with Digital Currency Group, Draper Associates and other prominent Silicon Valley angel investors. At launch, Wyre’s platform is available in the United States and China; the Series A round will help the company quickly expand to Europe and Latin America.