According to the crypto payments company Wyre, based in San Francisco, which ceased operations in June 2023, the multi-currency self-custodial wallet platform Rockwallet has taken over Wyre’s entire customer base. On Thursday, Rockwallet announced it has been reaching out to customers to ensure a smooth transition in their digital asset endeavors, eliminating the need for repeat KYC procedures or the hassle of undergoing onboarding a second time.
Rockwallet Steps in to Adopt Wyre's Customers Following Shutdown
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From Wyre to Rockwallet
Rockwallet has announced its acquisition of Wyre’s full clientele after Wyre exited the scene in June 2023. The troubles of Wyre came to light in January 2023, at which point it altered its withdrawal guidelines. Months later, the payments company officially declared its closure, attributing the decision to unfavorable market dynamics. During this period, Wyre’s challenges also impacted the collectibles firm Topps, as Wyre served as its service provider.
In a communication forwarded to Bitcoin.com News, Rockwallet disclosed that Wyre customers would be directly contacted by Wyre with login information and guidelines for reactivating their accounts. This approach, the company said, facilitates a smooth transition to the Rockwallet platform, where they can leverage its functionalities. Rockwallet’s self-custodial wallet platform is accessible in the majority of U.S. states, the company noted.
“Wyre’s pioneering developments in the crypto space attracted millions of users to its platform thanks to its robust mix of product and service offerings, but their unfortunate wind-down last summer left many searching for a suitable replacement,” Steve Bailey, the co-founder, president and COO of Rockwallet remarked. “We are honored to have the opportunity to fill that gap and connect with Wyre’s former clients to earn their trust as we welcome them to continue their crypto journeys with Rockwallet.”
Before encountering its challenges in 2023, Wyre was on the verge of being purchased by the payments company Bolt. However, in Sept. 2022, Bolt announced the termination of the acquisition deal. Reports had previously valued Wyre at $1.5 billion. Despite the fallout, Bolt’s CEO, Maju Kuruvilla, confirmed at the time that the transaction was no longer proceeding, although they intended to maintain their commercial relationship with Wyre.
What do you think about Rockwallet taking over Wyre’s customer base? Share your thoughts and opinions about this subject in the comments section below.
