Wyre Ceases Operations Citing Bear Market Conditions

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Wyre has initiated the winding down process and has announced that interested parties can now inquire about acquiring the company’s assets.

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San Francisco-based crypto payments firm Wyre has made the decision to shut down its operations after nearly a decade in business. The closure is attributed to the financial difficulties faced during the bear market and is unrelated to any regulatory agency direction in the United States.

In a blog post dated June 16, Wyre expressed that it has made the challenging choice to commence the winding-down process in order to safeguard the best interests of its key stakeholders and customers.

Wyre has assured its customers that their assets are being safeguarded. Users with assets on the Wyre platform can still withdraw them through the platform’s dashboard until Friday, July 14th. Following that date, a separate process will be implemented to recover any remaining assets on the platform.

In addition, the Wyre team has indicated that their assets, as well as those of its subsidiaries, are available for acquisition. Interested parties are encouraged to contact 88 Partners for further information. The company’s financial struggles began after Bolt, a one-click checkout company, called off its intended $1.5 billion acquisition of Wyre in September 2022. Since then, Wyre has been facing significant challenges leading to its current situation.

A few months later, issues arose when Juno, a fiat-to-crypto on-ramp solution provider, advised its users on January 4 to withdraw their crypto assets from the Juno platform and transition to self-custody. This was due to the reported “uncertainty” surrounding Wyre, their custodial partner.

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The following day, MetaMask also discontinued its support for Wyre’s crypto payment services for the same reason, further exacerbating the situation.

Wyre implemented a 90% withdrawal limit for all users, but swiftly removed the cap on January 13 after securing financing from an undisclosed “strategic partner,” indicating a positive trajectory for the firm’s recovery. However, it is important to note that Wyre reportedly laid off 75 employees in January, reflecting the challenging circumstances the company faced during that period.

Wyre joins the expanding roster of crypto/blockchain firms and projects that have succumbed to the challenges posed by an enduring bear market.

During the month of May, several crypto and blockchain ventures succumbed to the effects of the crypto winter, leading to their closure. Among these were Unbanked, a crypto fintech firm, BottlePay, a Lightning Network payments platform, HotBit, a crypto exchange, Terressa, an NFT platform, and TradeBlock, Digital Currency Group’s institutional trading platform.

Also Read: MetaMask enables US customers to purchase ETH using PayPal

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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