TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) -- 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:|
|Brian Mosoff||Stefan Coolican|
|Chief Executive Officer||President and Chief Financial Officer|
|Ether Capital||Ether Capital|
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. The NEO Exchange does not accept responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved. Forward-looking information includes, but is not limited to, statements in regard to the prospects for blockchain technology, the Ethereum platform and Wyre’s and the Company’s business and strategy.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wyre or the Company to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and acceptance of blockchain technology and the Ethereum platform; Wyre’s ability to execute on its business plan and uncertain capital markets. Although the forward-looking information is based on the Company’s reasonable assumptions at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.