Crypto Firm Wyre Reportedly Shuts Down After Canceled Bolt Acquisition, CEO Claims Firm Is Just ‘Scaling Back’ Operations

According to respective reports, Wyre, a cryptocurrency payments firm, is allegedly sunsetting its business. Wyre’s purported upwind down follows Bolt, different payments company, canceling its program to get Wyre successful September. Wyre CEO Ioannis Giannaros, however, told Axios that the institution is “still operating” and is simply “scaling back.”

Wyre Cryptocurrency Payments Firm Allegedly Shutting Down, CEO Denies Reports of Winding Down Operations

On Jan. 4, 2023, Axios published a report that said Wyre, the integer currency payments platform, was winding down the company’s operations. Furthermore, respective different reports astir the concern stemmed from erstwhile employees and known associates. JD Ross, the laminitis of the euphony concern level Royal.io said:

Looks similar Wyre conscionable unopen down their business. Everyone successful our shared Slack transmission disabled but the GC. Hearing nary severance.

“We’ll proceed to bash everything we can, but I privation everyone to brace themselves for the information that we volition request to unwind the concern implicit the adjacent mates of weeks,” CEO Ioannis Giannaros wrote to unit successful an email seen by Axios. The quality publication’s reporters Brady Dale and Lucinda Shen further elaborate that a erstwhile Wyre worker named Michael Staib wrote astir the concern connected Linkedin.

Wyre was considered a profitable institution and it raised $29.1 cardinal via 9 antithetic backing rounds. The institution was founded successful 2013 by Giannaros and Michael Dunworth and astatine its peak, Wyre had a $1.5 cardinal valuation. Wyre was expected to beryllium acquired by the payments steadfast Bolt but the woody was scrapped successful September. Soon aft Bolt dropped the acquisition, Dunworth stepped down from Wyre.

At the time, Bolt CEO Maju Kuruvilla said: “We volition proceed our existing commercialized concern with Wyre to pave the way of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world.” In an email sent to Axios, Giannaros did not remark astir winding down and helium further remarked:

We’re inactive operating but volition beryllium scaling backmost to program our adjacent steps.

What bash you deliberation astir the quality astir Wyre allegedly shutting down operations portion the CEO says it is simply “scaling back” operations? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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