Crypto API provider Wyre reportedly shuttering
Crypto infrastructure provider Wyre is reportedly close to shutting down, just months after a mooted $1.5 billion acquisition deal that would have seen the firm folded into fintech Bolt fell through.
Crypto infrastructure provider Wyre reportedly winding down
According to Axios, Wyre told employees that it is shutting down amid an ongoing crypto crash.
Wyre co-founder and CEO Ioannis Giannaros wrote in an email to employees: “We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks.”
Axios reports that Giannaros says the firm is still operating “but will be scaling back to plan the next steps” amid reports employees are already being laid off.
The firm was set to be acquired by e-commerce checkout fintech Bolt last year until the deal was scrapped in September. Bolt was hoping to “decentralise and democratise commerce” through integrating Wyre’s crypto stack, giving developers blockchain protocols to build financial crypto products.
In July, Wyre partnered with P2P paytech MoneyGram to allow users to convert their digital assets directly into cash, in an attempt to drive the adoption of crypto by creating a bridge between the fiat and digital currency worlds.
San Fransisco, US-based Wyre was founded in 2013 with a “mission is to empower fintech projects to execute on their vision by offering them secure access to the largest financial network in the world – the Wyre Network”.
