Wyre Raises $5.8 Million for Cross-Border Bitcoin Payments
San Francisco-based bitcoin startup Wyre has raised $5.8m in new funding. The Series A round, which coincides with the stealth startup’s official launch, was led by Chinese venture firm Amphora Capital. Other investors include Chinese payments firms Baofoo.com and 9fBank, Draper Associates and Digital Currency Group. Wyre said it has raised $7.5m to date. The startup’s main focus is cross-border payments, with a particular emphasis on those sent between China and the US. Wyre uses bitcoin (as well as other blockchains like ethereum and litecoin, among others) to settle transactions, acting....
Related News
San Francisco-based Fintech startup Wyre has launched its namesake blockchain remittance platform alongside a successful $5.8 million Series A round. The funding round includes prominent digital currency and blockchain industry investors Digital Currency Group and Draper Associates, along with other prominent tech angel investors. Notably, the funding round was led by Chinese venture firm Amphora capital alongside China 9fBank and Bafoo.com, two major payments companies in China. The launch sees the blockchain payments platform operational in China and the United States whereas the funding....
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Russian Prime Minister Mikhail Mishustin on Tuesday officially instructed the government to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022.The prime minister specifically called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also asked regulators to finalize regulations for....
California-based online payments company Bolt is pulling out of an agreement to buy crypto provider Wyre. The news of the scrapped deal, which was agreed to earlier this year, comes amid plunging valuations in the crypto and fintech sectors. Bolt Gives Up Plan for $1.5 Billion Wyre Acquisition Bolt Financial, a U.S. technology company headquartered in San Francisco, said Friday it had scrapped a deal to buy crypto infrastructure provider Wyre Payments, Reuters reported on Saturday. A definitive agreement to acquire Wyre for a reported $1.5 billion was announced by the e-commerce platform....
While Bitcoin as a global currency still continues to receive heavy criticisms due to its inability to process small payments, it remains as one of the very few currencies that is able to secure international remittances and transactions. At the same time, for years, Bitcoin’s ability to process secure and low cost cross border payments has been significantly underrated and undervalued. With Barry Silbert-led Digital Currency Group’s (DCG) investment in 18 Bitcoin exchanges, Bitcoin infrastructure in most regions is rapidly developing. According to DCG, the monthly volume of cross-border....