Wyre, a Crypto Payments Platform, Is NOT Shutting Down (UPDATED)

Wyre, a crypto payments and infrastructure company, is shutting down after a failed acquisition by Bolt Financial in September. The deal would have valued Wyre at $1.5B. 

Wyre was founded in 2013 by Ioannis Giannaros and Michael Dunworth. According to data from the Prime Unicorn Index, Wyre raised $21.45M across six rounds, with investors including Boost VC, Great Oaks VC, Crypto Currency Partners, Pantera, and Amorpha Capital. 

According to Axios, Wyre’s CEO, Giannaros, informed employees that the company would be unwinded over the next few weeks. In addition, Michael Staib, a former technical engineer at Wyre, shared on LinkedIn that he does not believe Wyre can continue to operate as a profitable business. 

Bolt’s acquisition of Wyre fell apart in September after a $1.5B deal was agreed upon in April. At the time, it was considered the largest non-SPAC acquisition of a crypto company. 

Bolt, a Prime Unicorn Index component, provides a platform for checkout, payment processing, and fraud. According to the Index, the company has a valuation of $9.2B following a $259M raise last January. 

UPDATE (1/13/23): Although initial reports claimed Wyre will be shutting down, Wyre has lifted its withdrawal limit and announced that it received financing from a strategic partner and will continue its normal course of operations.