Crypto Payments Firm Wyre Acquires Blockchain Startup Hedgybr>
Crypto payments firm Wyre has announced that it has acquired Hedgy, a FinTech company that develops applications and solutions based on blockchain technology, for an undisclosed sum.
Wyre is is an infrastructure provider in crypto. Wyre’s API enables customers to instantly convert fiat to crypto globally in over 50 countries, in 8 different fiat currencies, and over cryptocurrencies.
Wyre said the company’s acquisition of Hedgy’s technology brings them closer to their aim of offering a derivatives software product that is compliant with federal commodity laws and regulations.
“This is a really highly regulated area, and in this sense Hedgy generally has been extremely ahead of the time,” said Wyre co-founder and COO Ioannis Giannaros. “They were doing smart contract derivatives at the time ethereum wasn’t even there yet.”
Hedgy studies its customers’ use cases, such as land titles and mineral rights, OTC post-trade processing and settlement, asset provenance and chain of custody, and renewable energy credits, and advises them on how to apply blockchain and smart contracts to their businesses. It also develops architectures for its clients’ blockchain systems as well as runs the servers, answers questions, fixes glitches, and implements enhancements.
“The Hedgy team built an incredibly powerful product that can unlock a new level of accessibility for financial instruments around the world,” said Michael Dunworth, CEO of Wyre. “In addition to incorporating their technology into our stack for partners and users, I’m pleased to say that Matt Slater (Co-founder, CEO) is joining us as an advisor. Given our expectations for the growth of the crypto derivatives markets, we are excited to fold Hedgy’s technology into the Wyre product offering — and welcome Matt to the Wyre team.”