Until recently, much of the crypto economy lived in a silo with the majority of its created value living and staying on the blockchain. There was an enormous injection of funds onto the blockchain in the form of things like cryptocurrencies (coins) and digital goods, with little returning back to users’ traditional bank accounts.
But now, as the crypto economy matures, it has become more and more apparent that in order to unlock the full potential of the crypto economy, it will need to live intertwined with traditional fiat infrastructure. Consumers have been enjoying the benefits of the Web3 ecosystem, but they also need to be able to put some money back into their pockets.
So what exactly are global fiat payout rails?
Plainly put, the term payouts means executing a deposit into a designated bank account. At Wyre, this looks like moving funds from your Wyre balance into said bank account. As a business, this allows for you to receive money in a local currency in order to pay employees, vendors, or manage finances.
Wyre works very hard to partner with major players in the fiat payment rails sphere in order to provide a robust offering that spans many use cases and geographies to facilitate the compliant movement of funds.
With partners that are mainstays of payments like Mastercard, Bitso and Facilita, Wyre is able to offer credibility, reliability and accessibility to the countless end users that our integration partners serve.
Due to our partners that are helping to reshape the digital economy, Wyre is able to offer their integration partners both local fiat payouts and cross-border fiat payouts.
Local Bank Payouts
Wyre offers local bank payouts, with coverage that spans:
- Brazil
- Australia
- European Union
- Mexico
- China
- USA
From crypto to fiat payouts
As a company known for its world-class crypto onramping, Wyre believes in the necessity to not only put value onto the blockchain, but also to facilitate the reintroduction of that value back into the traditional financial system.
“At Wyre, we see it as crucial that the traditional financial systems are able to interact and connect with the crypto economy. Building bridges between centralized and decentralized finance will facilitate the creation of financial products that best serve the people that need them.” — Yanni Giannaros, CEO
It is important for Wyre’s offering to empower businesses and consumers to compliantly transact with crypto rails, but also to enable those same businesses and users to take advantage of extensive global fiat rail connections, which can be utilized for fiat payouts.
And while this coverage is already quite comprehensive, Wyre is just getting started. As we continue to expand our coverage and offerings, we aim to offer our partners increased coverage so they can bring their products and services to the people that need them.
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