Payment firm Wyre shutters operations after 10 years
After almost a decade of operation, crypto payments company Wyre has announced its decision to wind down its operations, marking the end of its tenure in the industry.
The company, once valued at $1.5 billion, cited unfavorable “market conditions” as the reason behind its closure. Wyre determined that winding down the company was the best course of action as it prioritizes the interests of its key stakeholders and customers. It reassured that regulatory issues were not a factor in its decision.
The challenges faced by Wyre had been ongoing since the latter part of the previous year, and despite receiving additional financing in January, it was not sufficient to sustain the company. CEO Ioannis Giannaros told his employees earlier in January that he is liquidating the company and plans to terminate services.
“Due to market conditions, we made this decision to protect the best interests of our key stakeholders and customers. This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets,” the company wrote in a Twitter post.
During its winding down process, the crypto payments firm will continue to process withdrawals in a regular manner until July 14th. However, after this date, users will be required to follow a separate process to recover their assets. The specific details regarding this process will be provided by Wyre through a future blog post on their official website.
During its years in business, Wyre had been actively involved in facilitating cryptocurrency transactions and payments.
In 2021, during the height of the bull market, Wyre gained significant popularity and garnered attention from investors. The company’s success and prospects led to discussions of a potential acquisition by online checkout company Bolt, with a reported value of $1.5 billion. However, due to challenging macroeconomic conditions and subsequent valuation reductions, the acquisition deal between Wyre and Bolt ultimately fell through.
