Following last year’s closure of crypto checkout gateway Wyre, non-custodial wallet RockWallet is stepping in to acquire its user base.
The self-managed crypto wallet acquired the entirety of Wyre’s customer base on Thursday, around eight months after the latter’s shutdown in June 2023.
RockWallet said it reached out to Wyre’s users, offering a transition without the hassle of having to go through Know Your Customer (KYC) obligations. The firm said it will provide customers with their login details and instructions to easily reactivate their accounts.
RockWallet’s wallet platform, which gives users control of their cryptocurrencies, is available in most US states. It supports several digital assets including Bitcoin, Bitcoin Cash, Ethereum, Tether, USD Coin, and Bitcoin SV.
“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, RockWallet’s co-founder, said in a statement.
“We are honored to have the opportunity 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,” he added.
Crypto Market Turmoil Claimed Another Victim
Established in 2013, Wyre operated as a provider of payment infrastructure designed for cryptocurrency applications. Their services included custody wallets, efficient transfer and swap functionalities, and KYC onboarding.
Wyre’s financial difficulties surfaced as early as Jan. 2023, evident by the firm restricting client withdrawals to 90% of their account balances. At the time, the firm cited a need to “navigate the current market environment.” However, Wyre quickly lifted the limits and pledged business continuity thanks to undisclosed new funding.
The firm eventually ceased operations in June 2023, citing volatile market conditions. With Bolt Financial’s major $1.5b acquisition falling through earlier in the year, Wyre’s future already seemed uncertain.
After nearly a decade, Wyre is winding down. Due to market conditions, we made this decision to protect the best interest of our key stakeholders and customers. This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets.
— Wyre (@sendwyre) June 16, 2023
RockWallet Promises Smooth Transition
Bailey highlighted that a significant improvement Wyre users will notice is the introduction of a self-custodial setup.
“Users will also gain the ability to effortlessly buy, sell, and swap digital assets where permitted,” he told Cryptonews. “Additionally, they can expect exceptional customer service dedicated to guiding them through every step of their digital asset journey.”
Bailey also said RockWallet sees its acquisition of Wyre users as an opportunity to fuel innovation and boost user experience through increased feedback.