Wyre, the digital currency payments platform, was winding down the company’s operations. 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:
“Looks like Wyre just shut down their business. Everyone in our shared Slack channel disabled except the GC. Hearing no severance.”
Ioannis Giannaros, the CEO of Wyre, wrote to staff in an email seen by Axios:
“We’ll 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.”
It has been reported that the news publication’s reporters Brady Dale and Lucinda Shen further detailed that a former Wyre employee named Michael Staib wrote about the situation on Linkedin.
However, 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.
The report said that 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.
Maju Kuruvilla, the CEO of Bolt, said:
“We will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world.”
Thus, in an email sent to Axios, Giannaros did not comment about winding down and he further remarked:
“We’re still operating but will be scaling back to plan our next steps.”