Founded in San Francisco in 2013, Wyre is a leading cryptocurrency and payment infrastructure provider developing various payment APIs. Its vision is to build the crypto stack for the new economy. On its way to doing that, Wyre has selected Checkout.com as one of its payments partners to help bring crypto to the masses.
I spoke with Jamal Raees, Director of Crypto Strategy at Wyre, to learn more about its vision, mission, and partnership with Checkout.com.
Yu'Ai Seet, Checkout.com: Wyre bills itself as the crypto stack for the economy. What does that mean in principle?
Jamal, Wyre: Our worst nightmare is that a new generation of brilliant thinkers and creators will wait on the sidelines or get crowded out by legacy institutions because they don't have the resources to bring their ideas to life.
Wyre was founded to inspire these passionate builders to create products that will fuel what we believe is the future economy.
We believe that the power belongs in the hands of the builders and that with the right tools, they can build anything. So we're all-in on helping the people building with our products because if they win, we all win. Our vision is to build the crypto stack for the new economy. To do that, we selected Checkout.com as one of our payments partners to help us fulfill our mission: to bring crypto to the masses.
Yu'Ai: How did the partnership with Checkout.com come about? Why is it that Wyre decided to work with Checkout.com?
Jamal: We initially onboarded with Checkout to establish a relationship with one of the best crypto-friendly processors in the industry. But as we continue to develop the relationship, the value-add characteristics of Checkout's partnership with Wyre keep building up. Checkout has been a dependable, approachable, and flexible partner that's constantly building with us, and we're excited to see how the relationship grows.
Yu'Ai: How is Wyre working with Checkout.com? What value are we providing to your business and your customers?
Jamal: Working together, we are broadening and strengthening our overall capabilities to build the ecosystem's most robust suite of APIs. Through this integration, we are expanding our availability and coverage and providing more stability and better rates to our partners.
This integration not only gives greater international processing capabilities, but Checkout.com also provides us with granular data to optimize acceptance rates. We've seen our profit margins increase by 30% because of the lower cost of processing offered by Checkout.com.
In addition, the integration with Checkout.com enables Wyre to address some of the major pain points for building within the ecosystem. By bringing simple plug-and-play APIs and supercharging projects' capabilities, Wyre helps bring crypto to the masses in the most seamless and streamlined way possible.
Yu'Ai: Can you talk about how Wyre works with its different partners?
Jamal: We have three different categories of partners. We have what we call downstream providers, which are those taking our APIs and implementing them into their applications. We also have upstream providers. Often, these are service providers that we integrate with, so we can provide part of their solutions into our stack or into our builder, much the same way we integrate with Checkout.com.
And then, we have partner blockchains that we integrate our tools fully into so their builders can leverage those existing tools. We integrate our suite fully into those chains, such as the Polygon blockchain protocol, so that people building on those chains have a compliant and easy solution to bring their ideas to life.
Yu'Ai: What's next for the business? And how do you see the partnership with Checkout.com evolving?
Jamal: We are still focused on continuing to provide new tools and new solutions for people who are building in the space. With Checkout.com, we can expand our product offering and continue innovating, developing and building to unlock the potential of the web3 economy.