snapCard

About snapCard

SnapCard, founded in 2013 by Michael Dunworth and Ioannis Giannaros, emerged as an early player in the cryptocurrency space, headquartered in San Francisco. The company initially targeted the consumer market, providing a service that enabled individuals to use Bitcoin for purchases on major e-commerce sites. This positioning allowed the company to secure $1.5 million in a seed funding round led by notable investor Tim Draper.

The business model centered on a Bitcoin wallet and a payment processing platform. SnapCard's primary offering was a merchant API that allowed businesses to accept Bitcoin payments without being exposed to the currency's volatility. The company charged a 0.5% transaction fee, with no monthly or setup fees, aiming to attract merchants by providing access to the growing demographic of Bitcoin users. A significant part of its strategy involved international expansion, with a notable focus on developing markets like Brazil, where it partnered with payment processor PagPop to onboard over 12,000 merchants.

Despite initial traction and becoming a popular wallet in Brazil, SnapCard encountered significant headwinds. The broader market for consumer-facing Bitcoin payments did not mature as anticipated, and the company faced stiff competition from other processors like BitPay. This market reality prompted a strategic shift. In early 2017, SnapCard announced the discontinuation of its consumer wallet and exchange services to concentrate resources on its enterprise-level product, Masspay. Masspay was an API designed for businesses to conduct large-scale international payments utilizing the blockchain for faster and cheaper transfers. Following this pivot, the company eventually rebranded to Wyre, moving entirely away from its original consumer focus to specialize in blockchain-based international money transfers for businesses.