Blockchain payments startup Wyre announced that it has acquired one of the popular China-bound payments solutions, Remitsy in a deal of undisclosed amount.

Upon the acquisition, Wyre will be reaching out to all Remitsy partners over the coming days in order to provide a clear migration strategy. Wyre will be keeping the services of Remitsy running to give businesses plenty of time.

“Nothing will change in terms of the service level expectations, and all clients can be guaranteed of the fastest and most cost-effective payments to their partners in China,” the release stated.

According to Michael Dunworth, CEO of Wyre, the move comes as a result of Remitsy's close proximity to China's market. Remitsy has serviced hundreds of businesses from all around the globe to make China payments faster and more cost effective. It has proved a great execution taking on established giants in the China payment space.

“Remitsy brings the expertise of industry veterans, who have built and scaled a beautiful product with a very impressive customer base,” Dunworth said to CoinDesk.

Along with the acquisition, Wire also announced new additions from Remitsy to its team of members. Richard Bensberg, founder of Remitsy will be joining as Director of Asia and Neil Woodfine, co-founder at Remitsy will take up the responsibility of Growth Manager in Asia region.

“Wyre’s team has been at the forefront of payment innovation and they have witnessed tremendous growth throughout 2016. Their dedication to providing beautiful, simple solutions to complex problems is the perfect fit for Remitsy. By joining the Wyre family, we are able to continue punching above our weight within the Asia region,” Richard Bensberg, Founder, and CEO, Remitsy, mentioned.

Wyre has also announced new things to come from the Remitsy acquisition that includes new currencies to be made available in Q2/Q3 of 2017, streamlined deposits for HK, EUR, and UK based customers, Alipay to be made available in the API for payouts, among others.

Last December, Wyre raised $5.8 million in Series A funding led by Chinese Venture firm Amphora Capital with participation from two of the largest payments companies in China 9fBank and Baofoo.com, along with others.