CPE Media News (12/14/2018) – Ether Capital Corporation (NEO: ETHC) has made a US$1.5 million investment in Wyre, Inc., a cryptocurrency exchange and technology platform based in San Francisco, California.
Ether Capital’s investment is part of Wyre’ US $8.0 million Series B round of financing round led by Pantera Capital.
In connection with Ether Capital’s investment, Wyre has agreed to grant Ether Capital a board observer position on Wyre’s board of directors.
Ether Capital Corporation Invests in Wyre, Inc.
TORONTO, Dec. 14, 2018 — Ether Capital Corporation (“Ether Capital”, “ETHC” or the “Company”) (NEO:ETHC) is pleased to announce that it has made a US$1.5 million investment in Wyre, Inc. (“Wyre”), a cryptocurrency exchange and technology platform based in San Francisco, CA that is focused on building compliant fiat-to-crypto on and off ramps.
Wyre was founded in 2013 and currently has 20 employees and over 1,000 customers. It is a licensed money services business (“MSB”) in 22 states in the U.S. and operates licensed foreign exchange and cryptocurrency trading businesses in Australia and Hong Kong. Since inception, Wyre has facilitated trades of over US$3.5 billion of foreign exchange and cryptocurrency in house.
Wyre’s business is providing turnkey infrastructure, compliance and liquidity to developers building decentralized applications (“dapps”) and other Web 3 platforms. Wyre’s open API and user interface allow for simple and easy integration by developers. Users can easily be on-boarded in compliance with regulations so that developers can focus on what they do best – building their innovative product.
Brian Mosoff, CEO of Ether Capital stated: “Wyre is much more than a traditional digital asset exchange focusing on a specific region. It’s a global product with a standard platform and open API, which is a true paradigm shift and is critical to the further growth of the ecosystem. Rather than creating an isolated standalone experience, Wyre has created a compliance platform that any developer can leverage to reduce on-boarding friction.”
“Ether Capital is proud to make Wyre our first equity investment following our purchase of Ether earlier in 2018. Wyre is a perfect example of key infrastructure that fits into our investment thesis including supporting projects that make fiat-to-crypto on and off ramps more efficient,” added Stefan Coolican, Ether Capital’s President and CFO.
In connection with Ether Capital’s investment, Wyre has agreed to grant Ether Capital a board observer position on Wyre’s Board of Directors. In addition, Michael Dunworth, CEO and Co-Founder of Wyre, has agreed to join Ether Capital’s Advisory Board. “I am delighted to have Ether Capital as a shareholder of Wyre and I am looking forward to becoming a member of the Advisory Board. I have been very impressed by Ether Capital’s team and investment platform. We share the same vision of Ethereum and Web 3 and I look forward to working collaboratively with them,” said Michael Dunworth.
Ether Capital’s investment in Wyre is part of a US$8.0 million equity financing round led by Pantera Capital and which includes other industry-leading investors. Wyre plans to use the proceeds of the financing to expand its team and expedite licensing and compliance in the U.S. and Europe.
Ether Capital’s US$1.5 million investment represents a minority interest in Wyre and was paid with cash-on-hand. As a result of the investment, Ether Capital may monetize a portion of its Ether balance over the coming weeks to fund working capital and for general corporate purposes, as required.
About Ether Capital Corporation
Ether Capital is a Toronto-based technology company whose objective is to become the central business and investment hub for the Ethereum and Web 3 ecosystem. Ether Capital has invested in Ethereum’s native utility token “Ether” as a strategic asset, and intends to selectively invest in projects, protocols and businesses that leverage the Ethereum ecosystem and Web 3 technologies. Founded by a highly experienced Board of Directors and management team, Ether Capital has the resources, experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/.
For further information concerning this press release, please contact:
Chief Executive Officer
President and Chief Financial Officer
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