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Blockchain Startup Wyre Acquires Remitsy for China Market Push

Blockchain funds startup Wyre has acquired business startup Remitsy in a money and fairness deal of an undisclosed quantity.

With the information, the San Francisco-based startup positive aspects greater than 600 buyer accounts and the providers of co-founders Neil Woodfine and Richard Bensberg, who will be a part of the Wyre workforce as a part of the deal.

Further, Wyre now plans to rent 5 new workers in a brand new Beijing headquarters, whereas its engineering workforce will stay in San Francisco.

According to CEO Michael Dunworth, it was Remitsy’s shut proximity to China’s market that was the chief issue prompting the transfer. (Remitsy makes use of a mixture of blockchain know-how and banking relationships to transform consumer currencies for China-based customers).

Dunworth advised CoinDesk:

“Remitsy brings the expertise of industry veterans, who have built and scaled a beautiful product with a very impressive customer base.”

Wyre makes use of bitcoin, ethereum, litecoin and different digital currencies to settle transactions between events in several nations, serving each cash service companies and small enterprises.

The startup formally rebranded in December 2016 following a $5.8m Series A funding spherical.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an possession stake in Wyre, Inc.

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