Crypto API provider Wyre names Stephen Cheng as new CEO
US-based digital asset and payments infrastructure provider Wyre has appointed Stephen Cheng as its new CEO.
Cheng was named interim CEO for Wyre in January this year following a two-year stint as the firm’s chief risk and compliance officer. Prior to his arrival at Wyre, he was the chief compliance officer and BSA AML officer at Prime Trust.
He has also previously served as chief compliance officer and chair of the risk management committee at Green Dot Corporation and has held senior roles at First Data Corporation (now Fiserv) and American Express.
Pascal Levy-Garoua, independent director on Wyre’s board, says Cheng “performed exceptionally” on an interim basis by “turning around the company amidst a challenging economic environment”.
In early January, media reports suggested that Wyre was close to shutting down just months after a planned $1.5 billion acquisition deal with fintech firm Bolt fell through. The firm later tweeted on 12 January that it had “received financing from a strategic partner that allows us to continue our normal course of operations”.
Founded in 2013 and based in San Francisco, Wyre provides tools for fintech firms to build e-wallets, merchant processing services and money transfer platforms via APIs, as well as an “instant” fiat-to-crypto checkout gateway that it says is currently used by “hundreds” of applications.