Crypto payments platform Wyre shutters citing bear market conditions

San Francisco-based crypto payments firm Wyre shut down after nearly 10 years in business, citing the financial challenges of a bear market, not anything to do with any hard-line “regulatory agency approach” in the US.

In a blog post on June 16 mailthe company stated that it made the difficult decision to step back “to protect the interests of shareholders and major customers.”

“Wyre continues to secure client assets. If you have assets on the Wyre platform, you can continue to withdraw them via your Wyre dashboard until Friday 14th July. After that, we will have a separate process to recover the assets remaining on the platform,” the company said.

After nearly a decade, Wire is coming to an end. Due to market conditions, we have taken this decision to protect the interests of our major shareholders and customers. This decision is not due to any regulatory agency directive. Wyre continues to secure client assets.

– werry (@sendwyre) June 16, 2023

The Wyre team also suggested that its assets are now for sale, stating: “If you are interested in acquiring the assets of Wyre or those of its affiliates, please contact 88 Partners.”

The company has reportedly been running down the drain ever since the one-click payment company Bolt canceled Its plans to acquire Wyre for $1.5 billion in September 2022.

A few months later, trouble began brewing as on January 4th cryptocurrency solutions provider Juno urged its users to remove their crypto assets from the Juno platform and self-custody, due to reported “uncertainty” surrounding the custody order. Wire partner.

The next day, MetaMask also ended support for Wyre’s crypto payment services over the same issue.

Only a few days after that, Wire went on to impose a 90% withdrawal limit for all of its users, but promptly raised the 90% cap on January 13 after securing funding from an unnamed “strategic partner,” suggesting the company was on the mend.

But in particular, Wire is also reported situation From 75 employees in January.

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Wyre himself adds to an ever-growing list of crypto/blockchain companies and projects that have faltered under the pressure of a prolonged bear market.