Wyre, a San Francisco fintech firm, has launched its blockchain cross-border payments platform also called Wyre.
The company claims that Wyre is the ‘industry's fastest’ money transfer platform and will allow businesses to transfer funds across borders from country-to-country at a ‘super competitive’ foreign exchange rate.
Initially the platform will be available in the United States and China.
The company also revealed that it has raised $5.8m in Series A funding. The funding round was led by Chinese venture firm Amphora Capital with participation from China 9fBank and Baofoo.com, along with Digital Currency Group, Draper Associates.
The money transfer platform intends to use the fund to quickly expand to Europe and Latin America.
Sam Lin, CFO of 9fBank.com, said: "It is estimated that the demand for cross-border payment from Chinese companies and investors could reach $1.5 trillion USD within the next five years. 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 into the company."