Michael Dunworth, the founder of Wyre, earned $ 267 million after selling his startup with cryptocurrencies

Michael Dunworth, the founder of Wyre, earned $ 267 million after selling his startup with cryptocurrencies

When he first relocated to the United States in 2013, software engineer Ioannis (Yanni) Giannaros resided in a bunk bed under Danworth in a shared Silicon Valley hackerhouse. Yes, I did.

Wyre sells crypto-based payment application programming interfaces (APIs) and leverages blockchain-based technology to enable merchants with quick cross-border payments. Allows you to connect to Fiat’s payment infrastructure directly.

It was a crowded rental property with inexpensive beds. Those who wished to be technology founders or software developers had to pay $ 200 each night to stay there while looking for a big break.

We operate in China and Brazil and have remittance licences in 27 states in the US.

“Bolt is an incumbent in the payments space and they can understand that cryptocurrencies are pointing the way to the market,” said Danworth.

Known for its one-click checkout service for merchants, Bolt was valued at $ 11 billion in a January funding round, and Wire saw it as a way to add crypto trading support to its service.

“They are like Peter Parker and we are Spiders who bite them and turn them into Spider-Man.”

Laundry dressed as Spider-Man didn’t work for Danworth, but cryptocurrency payments did. Louis Davis

It’s a superhero analogy that shows that the roots of Mr. Danworth’s whirlwind journey to success are still fresh in his mind. The pair’s first business idea to make friends with Jannaros was to dress up as a superhero like Batman or Spider-Man and get dry cleaning around San Francisco.

Surprisingly, I realized that the business got off to a good start, quickly driving around the city with lots of laundry and establishing a relationship with a laundromat. But when after a disastrous bank vacation, all laundromats were closed and forced to put $ 1 coins into a pay-as-you-go washing machine to complete the same day order, Danworth said this was his. I knew it wasn’t a big break.

“I remember sitting outside the laundromat. What the hell are you doing?” Danworth said. “I didn’t want to start a laundry company, even if I could create a cool app that would tailor a superhero to the place.”

Customers pay only once for different purchases, but Snapcard zooms in on the backend to pay all the different sellers and cut out 2% of the value of the basket. The idea was novel and soon they had a fast-growing customer base.

Wired Snapcard was founded in 2013 and built a pair of software to combine user purchases into a single basket at stores such as Kmart, Zara, and Amazon. At that time, online shopping was a part of everyday life throughout the United States, and Danworth and Jannaros saw the opportunity to develop a one-click checkout product.

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