Crypto payments platform Wyre shutters citing bear market conditions

San-Francisco-based crypto payments steadfast Wyre is shutting down aft astir 10 years successful business, citing the fiscal challenges of the carnivore market, and not thing to bash with immoderate hawkish “regulatory bureau direction” successful the United States.

In a June 16 blog post, the steadfast stated that it made the hard determination to upwind down to “protect the champion involvement of our cardinal stakeholders and customers.”

“Wyre continues to unafraid lawsuit assets. If you person assets connected the Wyre platform, you tin proceed to retreat them via Wyre’s dashboard until Friday, July 14th. After then, we volition person a abstracted process to retrieve assets remaining connected the platform,” the steadfast said.

After astir a decade, Wyre is winding down. Due to marketplace conditions, we made this determination to support the champion involvement of our cardinal stakeholders and customers. This determination is not owed to immoderate regulatory bureau direction. Wyre continues to unafraid lawsuit assets.

The Wyre squad besides suggested that its assets are present up for sale, noting that: “If you’re funny successful acquiring Wyre’s oregon its subsidiaries’ assets, delight scope retired to 88 Partners.”

The steadfast has reportedly been circling the drain since one-click checkout institution Bolt canceled its plans to acquire Wyre for $1.5 cardinal backmost successful September 2022.

A fewer months later, occupation started brewing arsenic fiat-to-crypto on-ramp solution supplier Juno urged its users On Jan. 4 to get their crypto assets disconnected the Juno level and aforesaid custody, owed to the reported “uncertainty” surrounding its custodial spouse Wyre.

The pursuing day, MetaMask besides winded down support for Wyre’s crypto outgo services implicit that aforesaid issue.

Just a fewer days aft this, Wyre went connected to enforce a 90% withdrawal bounds for each its users, but past promptly lifted that 90% headdress connected Jan. 13 aft securing financing from an unnamed “strategic partner”, suggesting the steadfast was connected the mend.

Notably however, Wyre had besides reportedly laid disconnected 75 employees successful January.

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Wyre adds itself to an ever increasing database of crypto/blockchain firms and projects that person buckled nether the unit of a agelong moving carnivore market.

In May alone, crypto fintech steadfast Unbanked, Lightning Network payments level BottlePay, crypto speech HotBit, NFT level Terressa and Digital Currency Group’s organization trading platform TradeBlock each unopen down owed to crypto winter.

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