Wyre Has Shuttered, Citing Bear Conditions In The Market

0
85
Wyre

Wyre, a San Francisco-based crypto payments firm, could be shutting down after 10 years in business, which cited the financial challenges of the bearish market. The company also had nothing to do with hawkish regulatory agency direction in the United States.

In a blog post from the 16th of June, the firm also stated that it had made the difficult decision to shut down, to protect the best interests of the key customers and stakeholders. Nevertheless, the platform has decided to continue securing customer assets. So, if one has assets on the platform, they would be able to continue to withdraw them through the dashboard of company until the 14th of July, Friday. After then, they would have to go through a separate process to recover the assets which were remaining on the platform. 

Wyre Has Taken Itself Off Social Platforms

The team from Wyre also claimed that the assets were entirely up for sale, noting that if someone was interested in acquiring the assets of the company or its subsidiaries, they could reach out to 88 Partners. The firm has also reportedly circled the entire drain since the one-click checkout company Bolt went on to cancel its plans of acquiring the company for a sum of $1.5 billion in September 2022. On 4th January 2023, trouble started creeping up, with the fiat-to-crypto on-ramp solution provider Juno asking its users to get their assets off the platform of June, and self-custody due to the reported uncertainty that surrounded the custodial partner.

Just a few days after that, Wyre imposed a withdrawal limit of 90% for all of its users but then promptly lifted the cap to 90% on 13th January after securing the finances from an unarmed strategic partner- suggesting that the firm was on the mend.