Wyre Co-Founder and CEO Michael DunworthPhoto courtesy of Wyre It’s no secret that the Bitcoin boom has transformed the way we imagine global currency in a digital world. With cryptocurrency becoming a normalized alternative to cash, coins and credit cards — more merchants are accepting these digital payment methods.
As a result, a growing need has emerged for secure methods of storing and directly transferring funds anywhere in the world. For both individuals and enterprises alike, transferring money internationally serves as one of the most practical use cases for blockchain technology.
By accelerating the speed and reducing the cost of international payments, blockchain can help businesses at every scale operate more efficiently and drive substantial spikes in revenue. Founded in 2013, Wyre uses proprietary blockchain technology to complete cross-border payments, cutting the time and expenses traditionally tied to banks and other financial institutions. While banks take up to 3 days and charge between 4-6% for international money transfers, Wyre completes transactions in less than six hours, charging less than 1%.
The company also offers OTC crypto trading services, facilitating over $3.5 billion in trades to date. Wyre Co-Founder and CEO Michael Dunworth explains the vision behind his company, the evolving world of cryptocurrency and how blockchain technology is designing the future.
Michael Dunworth: We’ve always believed that crypto would be huge, but we knew that it’s going to be hard to get the adoption of the masses unless it’s easy for the teams building those products have low barriers to entry. Fintech is not a technical problem for the most part, it’s more of a red tape problem. Read more from forbes.com…
thumbnail courtesy of forbes.com