Assertion Supported
Bolt backed out of its Wyre acquisition on the scheduled closing date
“Yes, and basically you always find definitive agreement, and then you have closing conditions that usually take like a year, like we have to transfer our licenses over to them, and meet all these closing conditions, and then we had a closing there's like some …”
Opinion
Bridge had only 10% of Wyre's infrastructure before the Stripe acquisition
“Bridge is the same company as Wire, but has 10% of the infrastructure that we had.”
Opinion
Giannaros claims Bolt's $1.5B offer for Wyre was actually 'really cheap'
“1.5 was actually a really cheap deal for you know, we probably should have asked for more on that,”
Assertion Not checkable as stated
Wyre scaled from single-digit millions to $50M in revenue within months
“We went from maybe like a few million in revenue to doing like fifty million in revenue within like two or three months.”
Assertion Not checkable as stated
SnapCard manually processed up to $400K daily on Giannaros's personal credit card
“I mean, we were doing like three to 400,000 dollars a day through my credit card.”
Assertion Supported
SnapCard gave free tablets to make SF the top Bitcoin-accepting city
“We like had our pos system on a tablet and we like went to merchants and gave them free tablet to accept bitcoin so we had more merchants in san francisco accepting bitcoin than any other city in the world all through snap cards like pos terminal”
Assertion Not checkable as stated
Giannaros: SnapCard built the third-largest crypto wallet in the US
“So we built the wallet, very similar to Coinbase. We built the wallet. It was the third largest wallet in the US.”
Assertion Contradicted
Giannaros: SnapCard was the first crypto wallet with a public API
“And the reason why it got so big was because we were the first crypto wallet that had an API released to the public where you could use the API.”
Assertion Contradicted
Wyre coined the industry term 'OnRamp' and built the first widget
“We wrote a blog post on this, and we called it OnRamp and we were like the first OnRamp widget, and today that's a whole category, but we're like the first people that coined that, that term back in 2018”
Assertion Not checkable as stated
Fleshlights were SnapCard's top-selling product during the early days of Bitcoin
“Our number one, the number one product that we were selling was the flashlight for sure.”
Assertion Contradicted
OpenSea was doing $0 per day in volume when integrating Wyre
“We were getting merchants, like, no one had the solution, so we were getting, like, OpenSea, we were getting, like, all these, like, huge platforms that we're literally doing zero dollars a day in volume”
Assertion Contradicted
Giannaros: BlackRock participated in Wyre's Series C funding round
“We were raising our Series C and that was, like, fairly going well. We had, like you know, large investors like BlackRock come in on our, that, that round.”
Assertion Not checkable as stated
Wyre's revenue dropped to $30M following the crypto market pullback
“Yeah, I think we went down to like, thirty million at that point, which is still helping now.”
Assertion Not checkable as stated
SafeNet employed more cryptographers than any organization besides the US government
“I used to work for a large data encryption company called SafeNet. They hire more cartographers than any other than the U S government, like entire world.”
