Wyre, Cryptocurrency Payments Company, Announces Shutdown Due to Bear Market Pressures

2:21 am
July 10, 2023
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By Clark

Wyre, a San Francisco-based cryptocurrency payments company, has recently announced its decision to wind down and shut down operations. The company cites financial difficulties stemming from the prolonged bear market as the main reason for its closure. It emphasized that its decision is not influenced by any regulatory agency direction in the United States.

According to a blog post published on June 16, Wyre has made this tough choice to protect the best interests of its key stakeholders and customers. The wind-down process has begun, and interested parties can now inquire about purchasing the firm’s assets.

Wyre reassured its users that their assets are still protected during this process. Users can still withdraw their assets from the Wyre platform through the dashboard until Friday, July 14. After that, a different procedure will be implemented to reclaim any remaining assets.

Hints about the potential sale of Wyre’s assets have also been provided. The company stated that if anyone is interested in acquiring Wyre’s or its subsidiaries’ assets, they should reach out to 88 Partners.

Wyre’s decline began when Bolt, a one-click checkout provider, abandoned its plan to acquire the company for $1.5 billion in September 2022. The company has been facing subsequent challenges since then.

Several months later, Juno, a fiat-to-crypto on-ramp solutions provider, asked its users to remove their crypto assets from the Juno platform due to uncertainty surrounding Wyre, its custodial partner, on January 4. MetaMask also discontinued support for Wyre’s cryptocurrency payment services on the following day.

In January, Wyre imposed a 90% withdrawal cap for all users but quickly removed it after receiving funding from an anonymous strategic partner, indicating signs of recovery. However, the company reportedly laid off 75 staff members during the same period.

Wyre joins the increasing list of cryptocurrency and blockchain projects that have failed amidst the prolonged bear market. Other companies that recently closed their doors include TradeBlock (an institutional trading platform), BottlePay (a Lightning Network payment service), HotBit (a cryptocurrency exchange), and Terressa (an NFT platform).

FAQs

Why is Wyre shutting down?

Wyre is closing down due to financial difficulties caused by the prolonged bear market in the cryptocurrency industry.

Is regulatory pressure a factor in Wyre’s closure?

No, Wyre clarified that its decision to shut down is not influenced by any regulatory agency direction in the United States.

What will happen to user assets on the Wyre platform?

Users can still withdraw their assets from the Wyre platform through the dashboard until July 14. After that, a different procedure will be implemented to reclaim any remaining assets.

Are Wyre’s assets up for sale?

Yes, Wyre has indicated that its assets are currently available for purchase. Interested parties can reach out to 88 Partners for more information.

Which other companies have recently closed down due to the bear market?

Some other companies that have shut down recently include TradeBlock, BottlePay, HotBit, and Terressa.

Summary

San Francisco-based cryptocurrency payments company Wyre has announced its closure due to financial difficulties resulting from the prolonged bear market. The company’s decision to wind down operations aims to protect the best interests of stakeholders and customers. Users are assured that their assets will be protected during the process, with withdrawal options available. Wyre’s assets are also potentially up for sale, with interested parties directed to contact 88 Partners. The closure of Wyre adds to the growing list of cryptocurrency and blockchain projects facing challenges in the bear market.


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