Wyre A Crypto Payments Firm, To Shut Down Operations Next Month

Wyre A Crypto Payments Firm, To Shut Down Operations Next Month

In a tweet on Friday evening, Wyre revealed its decision to wind down operations due to “market conditions.” The firm clarified that this move was made to safeguard the interests of its stakeholders and customers, and not due to any regulatory agency directive. Wyre assured its customers that their assets are secure.

Until July 14, clients will still be able to make withdrawals from the platform. After that date, a process will be in place to recover any remaining assets left on the platform.

Established in 2013, Wyre has been providing fiat-to-crypto infrastructure to companies operating in the cryptocurrency market.

In April 2022, Wyre was slated to be acquired by checkout and shopper network firm Bolt in a deal that valued the company at $1.5 billion, making it one of the largest crypto deals announced. The aim of the acquisition was to decentralize commerce by merging technologies to enhance and simplify digital shopping.

However, in September, the deal was terminated, joining a wave of failed fintech deals, including those involving UBS and Wealthfront, and Galaxy Digital and BitGo.

Wyre initially raised nearly $30 million from various investors, including the Stellar Development Foundation and crypto venture fund Pantera.