Crypto

Wyre, Crypto Payment Platform, Closes Doors Amid Bear Market

06/17/2023
Bitcoin Ethereum News

Table of contents

  1. Wyre to keep protecting customer assets: ‘We’re not giving up’
  2. Wyre, another crypto fintech firm, announces cash-flow cutback as market sinks
Wyre, a crypto payments company based in San Francisco, is closing its doors after almost ten years of operation. The company says that the bear market’s financial difficulties are to blame, not any hawkish “regulatory agency direction” in the United States. In order to “protect the best interest of our key stakeholders and customers,” the company stated that it had made the difficult decision to wind down.

Wyre to keep protecting customer assets: ‘We’re not giving up’

“Wyre keeps protecting customer assets. You can continue to withdraw assets from the Wyre platform through the dashboard until Friday. The company stated, “After that, we will have a separate process to recover assets that remain on the platform.” Since Bolt, a company that offers one-click checkout, announced that it would not be acquiring Wyre for $1.5 billion, the business is said to have been circling the drain.

A few months later, issues began to surface when Juno, a provider of a fiat-to-crypto on-ramp solution, advised its customers on January 4 to self-custody their crypto assets due to the alleged “uncertainty” surrounding its custodial partner Wyre. The next day, MetaMask additionally gasped for air down help for Wyre’s crypto installment administrations over that equivalent issue.

Wyre, another crypto fintech firm, announces cash-flow cutback as market sinks

After that, Wyre set a withdrawal limit of 90% for all of its users. However, the company quickly lifted that limit after securing financing from an unidentified “strategic partner,” indicating that the situation was improving. Wyre joins a growing number of crypto/blockchain businesses and projects that have given in to the pressure of a prolonged bear market. Due to crypto winter, the cryptocurrency fintech company Unbanked, the Lightning Network payments platform BottlePay, the cryptocurrency exchange HotBit, the NFT platform Terressa, and the institutional trading platform TradeBlock from Digital Currency Group all shut down.

Source: https://www.cryptoknowmics.com/news/wyre-crypto-payment-platform-closes-doors-amid-bear-market