San Francisco-based crypto payments firm Wyre is shutting down after nearly 10 years in business, citing bear market financial challenges, and has nothing to do with any aggressive โregulatory agency managementโ in the United States. Joined.
In a blog on June 16 mailthe firm stated that it made the difficult decision to close to "protect the best interest of our principal shareholders and clients."
โWyre continues to insure client assets. If you have assets on the Wyre platform, you can continue to withdraw them through the Wyre dashboard until Friday, July 14. After that, we will have a separate process to recover any assets left on the platform,โ the firm said.
After almost a decade, Wyre is closing down. Due to market conditions, we made this decision to protect the best interests of our major shareholders and customers. This decision is not due to any direction from the regulatory agency. Wyre continues to insure client assets.
โWyre (@sendwyre) June 16, 2023
Wyre's team also suggested that its assets are now up for sale, noting that: "If you are interested in acquiring the assets of Wyre or its subsidiaries, please contact 88 Partners."
The company has reportedly been going down the drain ever since one-click payment firm Bolt cancelled is plans to acquire Wyre for $1.5 billion in September 2022.
A few months later, issues began to emerge when fiat-to-crypto onramp solution provider Juno urged its users on Jan. 4 to move their crypto assets off the Juno platform and into self-custody, due to reported "uncertainty." around his Wyre custody partner.
The next day, MetaMask too reduced support for Wyre's crypto payment services for the same problem.
Just a few days after this, Wyre went on to enforce a 90% withdrawal limit for all of its users, but then lifted that 90% limit on January 13 after securing funding from an anonymous "strategic partner," suggesting that the company was in the repair
Notably, however, Wyre had also reported established of 75 employees in January.
Related: 'We had to change strategy,' SEC compliance director says of recent actions: Report
Wyre joins a growing list of crypto/blockchain companies and projects that have buckled under the pressure of a long-running bear market.
Only in May Unbanked Crypto Fintech CompanyLightning Network BottlePay payments platform, HotBit cryptocurrency exchange, NFT Terressa platform, and Digital Currency Group's institutional trading platform TradeBlock was shut down due to the crypto winter.
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