Blockchain enabled payments company Wyre today announced a partnership with bZx, the protocol that powers decentralized margin lending. bZx will incorporate Wyre’s KYC/AML solution for DEXs to offer compliant trading.
bZx will work with Wyre to integrate KYC/AML into the bZx Relay Starter Kit. The Starter Kit will allow individuals to easily create bZx relays with minimal setup time, allowing any developer to start their own bZx relay. Integration will allow users creating bZx relays to offer compliant trading out-of-the-box.
Wyre’s compliant fiat on-ramp will be integrated into the existing bZx portal using the Wyre SDK. This will allow users of the portal to easily purchase ETH and DAI with USD directly in the portal for margin lending and trading.
One of bZx’s key goals is to solve liquidity on DEXs. As such, Wyre’s market making operations are a natural fit for the DEX space. Once 0x and bZx relays have compliant (margin) trading, Wyre will be able to bring liquidity to the bZx global order books.
“Wyre’s compliant trading solution provides the kind of smooth user experience we’re looking to bring to our product. It also addresses a major barrier in bringing market makers on to the exchange and margin trading markets.”
“We’re excited to position ourselves with a well-respected DeFi project like bZx. By solving the KYC/AML problem for market makers we hope to enable a decentralized venue conducive for institutions to trade. This partnership demonstrates our long-term objective of bringing liquidity to the ecosystem.”