5 ms·

Crypto startup Wyre, once valued at $1.5B, officially shuts down

28 points by marban 3y ago

upon_drumhead 3y ago
> The company has been limping along for some months after Bolt cancelled its deal to buy the company for $1.5 billion last year. Does this valuation matter at all if no one actually invested at the stated value?
- ShamelessC 3y ago
  How much funding did they receive?
  - anotherhue 3y ago
    "How much money did they waste?" is perhaps a more honest way of phrasing this.
    - ShamelessC 3y ago
      Oh one hundred percent. Had thought that goes without saying at this point.
      - senttoschool 3y ago
        It's likely more than 100% because they waste external people's time as well, such as ours right now.
      - jjtheblunt 3y ago
        What happens to the source of the 29.1 million dollars? Just a total loss? (Obviously I’m not an accountant)
        senttoschool 3y ago
        Yes, unless they shut down with some cash left, which they will likely be obligated to return to investors/creditors.
        jjtheblunt 3y ago
        “OMG”: so how does anyone get convinced to invest, as it seems like gambling with a very high chance of total loss?
  - khuey 3y ago
    $29.1 million according to Crunchbase. https://www.crunchbase.com/organization/wyre https://www.crunchbase.com/organization/wyre
deleted 3y ago
[deleted]
walrus01 3y ago
Wyre Festival
Animats 3y ago
Coverage on Web3isgoinggreat [1] "Wyre had been a partner of Binance US, through which Binance was able to accept USD deposits. However, Binance US is now the target of SEC regulatory action, and has suspended US dollar deposits. Wyre wrote in their announcement that the closure "is not due to any regulatory agency direction". Sure thing." Binance, already in trouble with the US SEC, is ceasing operations in Holland and Cyprus, to "focus on our efforts on fewer regulated entities in the EU". Right. [1] https://web3isgoinggreat.com/ https://web3isgoinggreat.com/
wahmelon 3y ago
tried to get my business verified on their platform, they strung me along for months asking for different kinds of documentation before admitting that they were understaffed and kept losing my application (?). horrible experience and colossal waste of time, i'm happy they have gone under. as someone who believes in so-called web3, i'm happy that all these companies are going under - perhaps out of the ashes we can foster some actual innovation

28 points by marban 3y ago

> The company has been limping along for some months after Bolt cancelled its deal to buy the company for $1.5 billion last year. Does this valuation matter at all if no one actually invested at the stated value?

ShamelessC 3y ago
How much funding did they receive?
- anotherhue 3y ago
  "How much money did they waste?" is perhaps a more honest way of phrasing this.
  - ShamelessC 3y ago
    Oh one hundred percent. Had thought that goes without saying at this point.
    - senttoschool 3y ago
      It's likely more than 100% because they waste external people's time as well, such as ours right now.
    - jjtheblunt 3y ago
      What happens to the source of the 29.1 million dollars? Just a total loss? (Obviously I’m not an accountant)
      - senttoschool 3y ago
        Yes, unless they shut down with some cash left, which they will likely be obligated to return to investors/creditors.
        jjtheblunt 3y ago
        “OMG”: so how does anyone get convinced to invest, as it seems like gambling with a very high chance of total loss?
- khuey 3y ago
  $29.1 million according to Crunchbase. https://www.crunchbase.com/organization/wyre https://www.crunchbase.com/organization/wyre

deleted 3y ago

[deleted]

walrus01 3y ago

Wyre Festival

Animats 3y ago

Coverage on Web3isgoinggreat [1] "Wyre had been a partner of Binance US, through which Binance was able to accept USD deposits. However, Binance US is now the target of SEC regulatory action, and has suspended US dollar deposits. Wyre wrote in their announcement that the closure "is not due to any regulatory agency direction". Sure thing." Binance, already in trouble with the US SEC, is ceasing operations in Holland and Cyprus, to "focus on our efforts on fewer regulated entities in the EU". Right. [1] https://web3isgoinggreat.com/ https://web3isgoinggreat.com/

wahmelon 3y ago

tried to get my business verified on their platform, they strung me along for months asking for different kinds of documentation before admitting that they were understaffed and kept losing my application (?). horrible experience and colossal waste of time, i'm happy they have gone under. as someone who believes in so-called web3, i'm happy that all these companies are going under - perhaps out of the ashes we can foster some actual innovation