SAN FRANCISCO--(BUSINESS WIRE)--Wyre, the blockchain payments provider, and Celer Network, the leading blockchain layer-2 scaling platform, today announced an official strategic partnership, which enables users to purchase and use crypto directly on Celer’s layer-2 mobile application CelerX. The technical integration will significantly reduce user friction for both platforms and help expose millions of users to interactive dApps with zero gas fees. The integration is slated for release in Q3, 2019.
Since 2013, Wyre has managed $3.5 billion in cryptocurrency assets and has completed over $1 billion in commercial FX international payments. With Wyre’s API, customers are able to instantly convert fiat to crypto globally. However, they still need to purchase extra ETH and pay additional fees (such as gas fee) for on-chain transactions. Moreover, users or developers who send small but frequent transactions must face high transaction fees along with long latency, which significantly holds back the user growth.
Celer Network’s advanced layer-2 scaling technology enables interactive, secure, and low-cost blockchain applications that match the frictionless user experience of centralized apps. CelerX, a mobile application built with Celer layer-2 scaling API and SDK, provides zero-gas-fee instant payments and fun real-time interactive skill-based games to users from 89 different countries.
The integration between Celer and Wyre will allow CelerX’s users to directly purchase cryptocurrencies to their layer-2 wallet addresses on Celer Network instead of to layer-1 blockchain addresses. Therefore, users will be able to immediately use purchased ERC-20 tokens, such as DAI stable tokens, to play fun games and send payments.
“Lining all the pieces up, it's hard to argue that gaming will not be one of the next channels to attract large audiences into cryptocurrencies,” said Michael Dunworth, Wyre CEO. “Celer has tunnel vision when it comes to adding value through technology, to an audience that is technology savvy, global, and heavily community driven. Supporting DAI directly into CelerX gives dApps all the opportunity to execute on their core competencies & avoid busy work reaching their TAM (total addressable market). eSports as a market is an exciting space, and as a gamer, I'm incredibly excited that we get to support moving the needle for it!"
Mo Dong, Celer Network co-founder adds, “CelerX provides users with highly engaging skill-based eSport blockchain games. However, the ‘last-mile’ of crypto adoption is always fiat on/off ramps. To allow vast amounts of users to onboard blockchain applications, an easy and secure fiat bridge is essential for the entire ecosystem. We believe Wyre is exactly what we need. We applaud the Wyre team to go the extra mile to facilitate direct onboarding to layer-2 to enable new users to immediately enjoy fun games with crypto.”
About Celer Network:
Celer Network is a leading layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contracts. It allows anyone to quickly build, operate, and use highly-scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics. For more information, visit: https://www.celer.network/ and join the official Celer Network community on Telegram: http://t.me/celernetwork.
Wyre is the leading infrastructure provider in crypto. After trading over $3.5 billion in cryptocurrency assets and completing over $1 billion in commercial FX payments using crypto as a rail, they have an established network of relationships with leading banks, exchanges, and decentralized partners. Using Wyre’s API, customers are able to instantly convert fiat to crypto globally in over 50 countries, in 8 different fiat currencies, and 3 cryptocurrencies.