Blockchain Startup Wyre Acquires Remitsy for China Market Push

Blockchain Startup Wyre Acquires Remitsy for China Market Push

Blockchain Startup Wyre Acquires Remitsy for China Market place Push

Blockchain payments startup�Wyre has acquired industry startup Remitsy in a money and equity deal of an undisclosed volume.

With the information, the San Francisco-primarily based startup gains a lot more than 600 customer accounts and the services of co-founders Neil Woodfine and Richard Bensberg, who will join the Wyre crew as component of the deal.

Further, Wyre now�plans to retain the services of five new staff in a new Beijing headquarters, while�its engineering group will stay in San Francisco.

According to CEO Michael Dunworth, it was Remitsys close proximity to Chinas marketplace that was the chief aspect prompting the move. (Remitsy uses a combination of blockchain engineering and banking relationships to convert user currencies for China-primarily based customers).

Dunworth advised CoinDesk:

"Remitsy brings the knowledge of industry veterans, who have created and scaled a gorgeous product with a very remarkable consumer base."

Wyre uses bitcoin, ethereum, litecoin and other digital currencies to settle transactions between parties in various countries, serving each income services firms and small enterprises.

The startup officially rebranded in December 2016 following a $five.8m Series A�funding round.

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

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B2B paymentsChina-US corridorRemitsyWyre

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Published at Tue, 04 Apr 2017 22:ten:42 +0000

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