A new partnership is opening up the crypto economy to the population of South America. The prominent crypto payment solutions firm Wyre is about to go into a strategic partnership with Stellar to harness the growing demand for cryptocurrencies in South America. This new tie-up is expected to lay the foundation for crypto-based projects in the future. The business partnership is planned to be established in two of the largest economies of Latin America; Brazil and Argentina.
No doubt that the southern part of the western world is becoming very interested in the new-age financial infrastructure, also known as cryptocurrencies. Evidently, these nations have found a way to bring their economies to the forefront with the advent of cryptocurrencies. These virtual currencies help the developing countries to break the hierarchy of the world economy and have a market that is not restricted by geographical borders or political policies. Recently, El Salvador built a whole city dedicated to crypto mining and also added around 1800 Bitcoins to its central reserves to show how welcoming they are towards cryptocurrencies.
However, these regions historically did not have any adequate infrastructure to participate in the economy. As it is already known, the Latin American nations boast one of the largest cryptocurrency markets. However, the extant infrastructure is barely connected to their local money or real-world payments. Addressing this issue, Wyre will be integrating with a digital settlements project from Stellar known as Settle. This integration is expected to strengthen fiat currencies such as the Argentinian Pesos and Brazilian Reals.
This partnership not just democratizes the financial system but also expects to localize the market of cryptocurrencies. However, with valuable partnerships and integration like this one, the XLM future numbers could be much brighter than anticipated. According to Erich Grant from Wyre, the creation of such infrastructure will not be as easy as it sounds. So, the initial operations would be based on prime locations like Argentina and Brazil. Later on, the base would be expanded to other local financial channels with the help of the existing blueprint.
The implementation of SEP-24 protocols would also have a significant impact on the payment of fees. The few structures can be localized, and the money can be transferred anywhere in the world for a nominal fee. The Wyre API and other features will make conversions much simpler than among the local fiat currencies.
The initiative to expand operations to Latin America from two of the renowned names from the crypto sector has been welcomed by many. Furthermore, this symbiotic business plan could make a significant impact on the value of XLM, the native token of the Stellar ecosystem. The coin is predicted to reach close to $1 by the end of 2026.
