Crypto payments platform Wyre shuts down, loses all value from $1.5B to $0

Written by Joy Rice

Wyre to terminate services in January after the failed acquisition with Bolt in September

 

Crypto payments and infrastructure provider Wyre is shutting down after its acquisition by Bolt Financial fell through in September. The company, which was founded in 2013 by Michael Dunworth and Ioannis Giannaros and had raised a total of $29.1 million across nine rounds of funding, will liquidate and terminate its offerings in January 2023, according to former employees.

Giannaros sent an email to team members during the holiday season informing them of the decision, but it is unclear if severance will be provided. Dunworth, who stepped down from Wyre and cashed out 12.5% of his holdings at the company soon after the failed acquisition, cited crypto market volatility and general market conditions in tech as reasons for the deal falling through.

The failed acquisition was considered significant, as the $1.5 billion valuation would have been one of the largest non-SPAC deals. Fintech writer Noah Weidner suggested that the company may have experienced balance sheet issues as early as September. Wyre’s decision to shut down operations may indicate a prolonged crypto winter ahead.

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