From $1.5 Billion to $0, Crypto Funds Platform Wyre Shuts Down

Crypto News



Crypto funds and infrastructure supplier firm Wyre is shutting down months after Bolt Monetary scraped a $1.5 billion deal to purchase the agency.

Wyre was first based in 2013 by Michael Dunworth and Ioannis Giannaros, and had raised a complete $29.1 million throughout 9 rounds of funding, knowledge from Crunchbase exhibits. A few of its traders embody Pantera Capital, Stellar Growth Basis and Amphora Capital.

Michael Staib, who beforehand labored as a technical engineer for Wyre, posted on his LinkedIn profile on December 31 that, “Wyre gained’t proceed as a worthwhile enterprise.”

Former staff instructed Axios that Giannaros had despatched an e-mail in the course of the vacation season informing crew members that Wyre would liquidate and terminate its choices in Jan. 2023. It’s alleged that no severance shall be supplied to staff.

Giannaros has not replied to Blockworks’ request for remark.

Dunworth stepped down from Wyre and cashed out 12.5% of his holdings on the firm quickly after tech platform Bolt failed to amass the corporate in September final 12 months.

In accordance with Dunworth, crypto market volatility and normal market situations in tech had been one of many major causes for the deal falling by.

Fintech author, Noah Weidner, suspects that the corporate might have skilled stability sheet points as early as September.

“I despatched an electronic mail to Wyre some months again asking about their Yield product — largely as a result of Wyre+Yield was utilized by a bunch of small CeDeFi and fintech apps,” he tweeted. “Their response insinuated Wyre+Yield had been closed for months, however some apps had been nonetheless utilizing it for his or her treasury.”

Wyre now-failed acquisition had been thought of monumental, because the $1.5 billion valuation would have been one of many largest non-SPAC offers. The funds platform’s resolution to close down operations might signify the extended crypto winter forward.


Leave a Reply

Your email address will not be published. Required fields are marked *