Wyre’s CEO Dispels Rumors of Company Closure, Remains Optimistic

• Cryptocurrency payments company Wyre’s CEO Loannis Giannaros has downplayed reports that the company is closing down operations this month.
• A former employee claims that the company has not yet offered a severance package to its employees.
• The two companies had agreed to a $1.5 billion acquisition deal in April 2022, but the deal was later discarded in September.

Cryptocurrency payments company Wyre has been in the news lately due to rumors that the company is planning to shut down operations this month. The rumors followed an alleged email sent by Wyre CEO Loannis Giannaros to his employees, informing them of the company’s liquidation, as well as plans to terminate the services this month.

However, in response to these claims, Giannaros issued another email to his employees, stating that the company is still operating, but will be scaling back to plan its next steps. This statement was echoed by former technical engineer of Wyre, Michael Staib, who posted on his LinkedIn profile on December 31st, 2022, claiming that Wyre would not continue to be a profitable business.

Despite the rumors, Wyre has not authorized its employees to speak about the situation, and the CEO has not yet issued a statement about the claims of the former employee. Additionally, the company has not yet provided a severance package to its employees.

It is worth noting that Wyre and American checkout and shopper network company Bolt had agreed to a $1.5 billion acquisition deal in April 2022. The agreement was for Bolt to acquire Wyre, however, the deal was later discarded in September, leaving Wyre as an independent company.

At this point in time, it remains to be seen what the future holds for Wyre. Regardless, it is clear that the company’s CEO has worked hard to quell the rumors of a closure and, while it is not yet known what the outcome will be, it is clear that the team at Wyre is doing its best to remain afloat.