Blockchain payments startup Wyre has acquired industry startup Remitsy in a cash and equity deal of an undisclosed amount.
With the news, the San Francisco-based startup gains more than 600 customer accounts and the services of co-founders Neil Woodfine and Richard Bensberg, who will join the Wyre team as part of the deal.
Further, Wyre now plans to hire five new employees in a new Beijing headquarters, while its engineering team will remain in San Francisco.
According to CEO Michael Dunworth, it was Remitsy's close proximity to China's market that was the chief factor prompting the move. (Remitsy uses a combination of blockchain technology and banking relationships to convert user currencies for China-based users).
Dunworth told CoinDesk:
Wyre uses bitcoin, ethereum, litecoin and other digital currencies to settle transactions between parties in different countries, serving both money service businesses and small enterprises.
The startup officially rebranded in December 2016 following a $5.8m Series A funding round.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Wyre, Inc.
Flag Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.