San Francisco-based cryptocurrency payments firm Wyre has collapsed after nearly a decade in business, citing the financial challenges of the bear market as irrelevant to the “direction of regulators” by US hawks.
In a blog post on June 16, the company said it had made the difficult decision to close to "protect the best interests of our key stakeholders and customers." "Wyre continues to protect customer assets. If you have assets on the Wyre platform, you can continue to withdraw them through Wyre's dashboard until Friday, July 14. After that, we will have a separate process to recover assets remaining on the platform," the company said.
The Wyre team also said its assets are now up for sale, noting: "If you are interested in acquiring assets of Wyre or its subsidiaries, please contact 88 Partners."
The company has struggled since one-click checkout company Bolt reportedly scrapped plans to buy Wyre for $1.5 billion in September 2022. On January 4, 2023, trouble began to brew when Juno, a provider of fiat-to-crypto on-ramp solution s, urged its users to remove their crypto assets from the Juno platform and self-custody due to reports of “uncertainty” among its custody partners. Sex" Wyle.
The next day, MetaMask also discontinued support for the Wyre encrypted payment service due to the same issue. Just days later, Wyre imposed a 90% withdrawal limit on all its users, but promptly removed the 90% limit on January 13 after secure ing funding from An unnamed "strategic partner", indicating that the company is on the mend. WYRE ALSO Reportedly Laid OFF 75 Employees in January. of cryptocurrency and blockchain companies and projects that have buckled under the present of a prolonged bear market.
In May alone, crypto fintech firm Unbanked; lightning network payments platform BottlePay; cryptocurrency exchange HotBit; non-fungible token platform Terressa; and Digital Currency Group's institutional trading platform TradeBlock all shut down.
