In response to a number of stories, Wyre, a cryptocurrency funds agency, is allegedly sunsetting its enterprise. Wyre’s purported wind down follows Bolt, one other funds firm, canceling its plan to accumulate Wyre in September. Wyre CEO Ioannis Giannaros, nonetheless, advised Axios that the corporate is “nonetheless working” and is just “scaling again.”
On Jan. 4, 2023, Axios revealed a report that stated Wyre, the digital forex funds platform, was winding down the corporate’s operations. Moreover, a number of different stories in regards to the scenario stemmed from former workers and identified associates. JD Ross, the founding father of the music funding platform Royal.io said:
Appears like Wyre simply shut down their enterprise. Everybody in our shared Slack channel disabled besides the GC. Listening to no severance.
“We’ll proceed to do the whole lot we will, however I need everybody to brace themselves for the truth that we might want to unwind the enterprise over the subsequent couple of weeks,” CEO Ioannis Giannaros wrote to workers in an e-mail seen by Axios. The information publication’s reporters Brady Dale and Lucinda Shen additional detailed {that a} former Wyre worker named Michael Staib wrote in regards to the scenario on Linkedin.
Wyre was thought of a worthwhile firm and it raised $29.1 million through 9 totally different funding rounds. The corporate was based in 2013 by Giannaros and Michael Dunworth and at its peak, Wyre had a $1.5 billion valuation. Wyre was purported to be acquired by the funds agency Bolt however the deal was scrapped in September. Quickly after Bolt dropped the acquisition, Dunworth stepped down from Wyre.
On the time, Bolt CEO Maju Kuruvilla stated: “We are going to proceed our current industrial partnership with Wyre to pave the trail of crypto integration into our ecosystem, bringing Wyre’s revolutionary crypto infrastructure to the world.” In an e-mail despatched to Axios, Giannaros didn’t remark about winding down and he additional remarked:
We’re nonetheless working however will probably be scaling again to plan our subsequent steps.
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