Jun 17, 2023 07:33 UTC
June 17, 2023 at 07:33 UTC
Wyre said that the process of decommissioning the company has started and interested parties can now start asking questions about purchasing the company’s assets.
After more than ten years in operation, the San Francisco-based cryptocurrency payments company Wyre is closing. Wyre cited the bear market’s financial difficulties and had nothing to do with the hawkish “regulatory agency directive” in the United States.
The company wrote in a blog post on June 16 that it had made the difficult choice to quit to “protect the best interests of our key stakeholders and customers.”
Wyre still protects valuable consumer goods. You can still withdraw any assets you have on the Wyre platform via the dashboard until Friday, July 14th. After that, we will have a different procedure for reclaiming any assets still on the platform, according to the company.
Additionally, the Wyre team hinted that its assets are currently being sold, saying: “If you are interested in acquiring the assets of Wyre or any of its subsidiaries, contact 88 Partners.”
Since one-click checkout provider Bolt dropped its intention to acquire Wyre for $1.5 billion in September 2022, the company appears to have been on a downward spiral.
A few months later, problems started to arise when Juno, a provider of fiat-to-crypto on-ramp solutions, asked its users to remove their crypto assets from the Juno platform and take sole custody as a result of the claimed “uncertainty”. surrounds its custodial partner Wyre on Jan. 4.
The following day, MetaMask discontinued support for its cryptocurrency payment service Wyre due to the same issue.
A few days later, Wyre proceeded to set a 90% withdrawal limit for all of its users, but soon withdrew it on January 13 after receiving funds from an anonymous “strategic partner,” indicating that the company is recovering.
However, it’s worth noting that 75 staff appeared to have been laid off by Wyre in January.
Wyre has now added his name to a growing list of cryptocurrency and blockchain projects and businesses that failed due to a protracted bear market.
Digital Currency Group’s institutional trading platform TradeBlock, Lightning Network payment service BottlePay, cryptocurrency exchange HotBit, and NFT platform Terressa all closed in May alone as a result of the crypto winter.