Payment startup Wyre acquires Hedgy, a smart contract developer for bitcoin
Crypto payment startup Wyre has acquired Hedgy, a smart contract developer for the Bitcoin blockchain, for an unnamed amount. Writes about this CoinDesk.
According to Ioannis Jannaros, COO and co-founder of Wyre, the deal will allow his company to expand the range of services it provides to cryptocurrency startups. Wyre develops cross-border payment solutions using Bitcoin, Ethereum, Litecoin and other cryptocurrencies that act as a settlement tool for transactions.
The purchase of the smart contract platform will allow Wyre to expand its financial ecosystem, giving clients access to forward contracts, swaps and more, Jannaros said..
Wyre plans to take advantage of Hedgy’s ‘navigation’ benefits in the regulatory space, he noted, adding, “This is indeed a highly regulated area, and in this sense Hedgy was well ahead of its time. They made derivatives on smart contracts before Ethereum existed. “.
Hedgy focuses on hedging commercial risks. Companies that use smart contracts or otherwise rely on cryptocurrencies to lower their transaction costs thanks to blockchain can use derivatives to essentially capture the price of an asset during a transaction, explains Wyre on a blog on Medium..
“In the Bitcoin world, the volatility that characterizes the market is attracting the attention of retail speculators, investors and professional traders. Over time, volatility will decrease (which may not happen so soon). As the markets become less volatile, there will be more demand for creative financial products such as options and futures, ”Wyre writes..
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