Crypto payments and infrastructure provider Wyre shuts down

Crypto payments and infrastructure provider Wyre shuts down

04.01.2023 13:45 (Updated 04.01.2023 13:01)
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by Aleksandar Đurić
2 min read

Wyre will cease operations in January 2023 after its $1.5 billion acquisition by Bolt Financial fell through. The main reason is inability to operate in current market conditions.

Wyre is a financial technology company that enables individuals and businesses to send and receive payments globally. It was founded in 2013 and has millions of users worldwide. Wyre, a company that has raised over $29 million through nine rounds of funding, has received investments from Pantera Capital, Stellar Development Foundation, and Amphora Capital, according to Crunchbase data.

Bolt is a payment processing company that aims to make checkout faster and more convenient for shoppers, retailers, and developers. The company announced its plans to acquire Wyre in September 2022, which recently was a leading provider of crypto payment solutions, in a deal valued at approximately $1.5 billion. This acquisition would allow Bolt to integrate cryptocurrency into its one-click checkout infrastructure and provide secure crypto usage for millions of users.

The acquisition was expected to be one of the largest in the cryptocurrency industry without involving a Special Purpose Acquisition Company (SPAC). But due to the crypto winter, the deal fell through.

Noah Weidner, a fintech writer, believes that the company may have encountered balance sheet issues as early as September, “My understanding is that Wyre could be shutting down, or could have some balance sheet issues.”

He then adds:

I sent an email to Wyre some months back asking about their Yield product—in large part because Wyre+Yield was used by a bunch of small CeDeFi and fintech apps. Their response insinuated Wyre+Yield had been closed for months, but some apps were still using it for their treasury.

Wyre's response to Noah Weidner's letter
Wyre’s response to Noah Weidner’s letter

Author

  • An experienced journalist working in the film and video-game industries for many years. An enthusiast busy with learning new things about the world of crypto every day. Majored in English Language and Literature. Has a shrine in his apartment dedicated to Hidetaka Miyazaki.

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