Providing liquidity and industry-leading KYC services to Republic Protocol.
Republic Protocol and Wyre, the leading blockchain FX company operating a regulated global payment infrastructure, are pleased to announce our partnership to bring liquidity, and Wyre’s industry-leading KYC service to RenEx.
Wyre specializes in infrastructure to bridge the gap between traditional banking and digital assets. Pairing this expertise with RenEx will serve as an integral tool in Wyre’s OTC services, which to date have traded $3.5 billion in digital assets in-house and more than $750 million in bank-to-bank commercial FX payments. Working together, Republic Protocol and Wyre will help usher in a new era in dark pool trading, merging traditional financial infrastructure with the world of decentralized finance.
Our partnership will focus on the following areas:
- Wyre will be providing liquidity to RenEx and serve as a Key Liquidity Partner with Wyre’s OTC trading desk. Having ample liquidity is a necessary component for any dark pool to thrive and we believe this arrangement will only complement our two projects. By virtue of providing liquidity to RenEx, Wyre will be participating in Republic Protocol’s Liquidity Incentive Program, which consists of a revenue sharing agreement emanating from RenEx dark pool fees.
- Wyre will be providing KYC integration services to RenEx. Know Your Customer (KYC) is a compliance reality that the decentralized finance world must move towards and we are setting precedence by partnering with an industry leader. Check out Wyre’s recent blog covering the importance of proactivity here.
- Wyre will assist in onboarding OTC traders to RenEx through Wyre’s broker services. Wyre will use its existing network to ensure a new cohort of OTC traders can gain exposure to and have easy access to RenEx. Check out Wyre’s OTC infrastructure here.
This partnership represents a maturation for digital asset markets and is a significant first step in developing quality decentralized solutions to address inefficiencies within the current OTC market. Ultimately, allowing easier and compliant onboarding of traditional fintech and banking interest to both platforms.
What’s To Come
Our development team has created a custom decentralized sMPC based on research we have pioneered in the space that is optimized explicitly for decentralized dark pools, and we are continuing to push the envelope for what’s possible with Republic Protocol; including an upcoming research piece on zkSNARKS uses and tools. These advancements when coupled with legacy financial institutions will open up new possibilities for both Wyre and Republic Protocol.
With the release of our Mainnet just weeks away, we are thrilled to have the Wyre team join us on this journey. Check out Republic Protocol’s latest Testnet updates here and follow both of our organizations to take part in this new era of decentralized finance.
Onwards and upwards
— Taiyang Zhang, CEO, Republic Protocol
Wyre is the leading blockchain FX company operating a regulated global payment infrastructure. Find out more here: https://www.sendwyre.com/
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