Wyre

Wyre Payments, Inc. operated as a blockchain-based financial technology company, providing infrastructure for developers to build applications that bridged traditional fiat economies and the cryptocurrency world.

The company was founded in 2013 by Michael Dunworth and Ioannis Giannaros and was originally launched under the name Snapcard, a Bitcoin payment application. In 2016, the company pivoted to focus on providing financial infrastructure for blockchain businesses and rebranded as Wyre. The firm's core product was an API-driven solution that enabled fiat-to-crypto on-ramps, off-ramps, cross-border payments, and cryptocurrency exchanges. This allowed businesses and individuals to conduct international money transfers in less than six hours, a significant reduction from the typical three-day processing time of traditional banks. Wyre generated revenue by taking a spread on the currency conversions and transactions processed through its API. Its client base included businesses, enterprises, and individual users, with notable partners such as MetaMask and Ledger.

In April 2022, the e-commerce company Bolt announced its intention to acquire Wyre for approximately $1.5 billion. However, the deal was mutually terminated in September 2022, though the companies planned to continue a commercial partnership. Following the collapse of the acquisition and facing challenging market conditions, Wyre announced in June 2023 that it would be winding down its operations to protect the interests of its customers and stakeholders. The company ceased operations after nearly a decade in business. In early 2024, the customer base of the shuttered firm was acquired by RockWallet, a self-custodial wallet provider.