{"id":16131,"date":"2023-01-05T06:54:13","date_gmt":"2023-01-05T06:54:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-wyre-reportedly-shuts-down-after-canceled-bolt-acquisition-ceo-claims-firm-is-just-scaling-back-operations-bitcoin-news\/"},"modified":"2023-01-05T06:54:13","modified_gmt":"2023-01-05T06:54:13","slug":"crypto-firm-wyre-reportedly-shuts-down-after-canceled-bolt-acquisition-ceo-claims-firm-is-just-scaling-back-operations-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-wyre-reportedly-shuts-down-after-canceled-bolt-acquisition-ceo-claims-firm-is-just-scaling-back-operations-bitcoin-news\/","title":{"rendered":"Crypto Firm Wyre Reportedly Shuts Down After Canceled Bolt Acquisition, CEO Claims Firm Is Just \u2018Scaling Back\u2019 Operations \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to several reports, Wyre, a cryptocurrency payments firm, is allegedly sunsetting its business. Wyre\u2019s purported wind down follows Bolt, another payments company, canceling its plan to acquire Wyre in September. Wyre CEO Ioannis Giannaros, however, told Axios that the company is \u201cstill operating\u201d and is simply \u201cscaling back.\u201d<\/strong><\/p>\n

Wyre Cryptocurrency Payments Firm Allegedly Shutting Down, CEO Denies Reports of Winding Down Operations<\/h2>\n

On Jan. 4, 2023, Axios published a report<\/a> that said Wyre, the digital currency payments platform, was winding down the company\u2019s operations. Furthermore, several other reports about the situation stemmed from former employees and known associates. JD Ross, the founder of the music investment platform Royal.io said<\/a>:<\/p>\n

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Looks like Wyre just shut down their business. Everyone in our shared Slack channel disabled except the GC. Hearing no severance.<\/p>\n<\/blockquote>\n

\u201cWe\u2019ll 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,\u201d CEO Ioannis Giannaros wrote to staff in an email seen by Axios. The news publication\u2019s reporters Brady Dale and Lucinda Shen further detailed that a former Wyre employee named Michael Staib wrote about the situation on Linkedin.<\/p>\n

Wyre was considered a profitable company and it raised $29.1 million via nine different funding rounds. The company was founded in 2013 by Giannaros and Michael Dunworth and at its peak, Wyre had a $1.5 billion valuation. Wyre was supposed to be acquired by the payments firm Bolt but the deal was scrapped in September. Soon after Bolt dropped the acquisition, Dunworth stepped down from Wyre.<\/p>\n

At the time, Bolt CEO Maju Kuruvilla said: \u201cWe will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre\u2019s innovative crypto infrastructure to the world.\u201d In an email sent to Axios, Giannaros did not comment about winding down and he further remarked:<\/p>\n

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We\u2019re still operating but will be scaling back to plan our next steps.<\/p>\n<\/blockquote>\n

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\nTags in this story
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2013<\/a>, Acquire<\/a>, Acquisition<\/a>, Axios<\/a>, Bolt<\/a>, business<\/a>, commercial partnership<\/a>, crypto integration<\/a>, Cryptocurrency<\/a>, Ecosystem<\/a>, Email<\/a>, Firm<\/a>, Funding<\/a>, Ioannis Giannaros<\/a>, JD Ross<\/a>, LinkedIn<\/a>, Maju Kuruvilla<\/a>, Michael Dunworth<\/a>, Michael Staib<\/a>, operating<\/a>, Payments<\/a>, peak<\/a>, reporters<\/a>, scaling back<\/a>, September<\/a>, severance<\/a>, Slack<\/a>, sunsetting<\/a>, valuation<\/a>, wind down<\/a>, Wyre<\/a><\/div>\n<\/div>\n

What do you think about the news about Wyre allegedly shutting down operations while the CEO says it is merely \u201cscaling back\u201d operations? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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