• Crypto payments firm Wyre is shutting its shop after nearly 10 years in operation due to the financial constraints of the ongoing crypto winter.
• Customers can withdraw their assets through Wyre’s dashboard until 14 July.
• The San Francisco-based crypto payments firm is now among the long list of crypto firms that have buckled under the pressure of a long running crypto winter.
Wyre Shutting Down
Crypto payments firm Wyre is shutting its shop after nearly 10 years in operation due to the financial constraints of the ongoing crypto winter. The firm released a statement informing that it made the difficult decision to close the project in order to “protect the best interest of our key stakeholders and customers.” Customers can withdraw their assets through Wyre’s dashboard until 14 July.
Reasons for Shutdown
The firm stated that its decision has not got anything to do with the recent regulatory enforcement action in the United States. The team also indicated that its assets were now up for acquisition. Wyre’s trouble did not cease for months It was only in September last year that the online checkout firm Bolt Financial abandoned its proposed $1.5 billion acquisition of Wyre due to uncertainty surrounding its custodial partner, Juno. MetaMask soon followed suit, discontinuing support for Wyre’s crypto payment services due to this issue as well.
Partnerships
Wyre had partnerships with both Binance US and Juno, which recently halted USD deposits and withdrawals due to regulatory action respectively as mentioned above. This certainly put more strain on an already struggling business model during these tough economic times in cryptocurrency markets worldwide, bringing us up-to-date with current events leading up to today’s announcement of shutdown for good from all involved parties at Wyre.
Layoffs
Wyre had also imposed a 90% withdrawal limit for all users but quickly reversed it once it secured funding from an undisclosed “strategic partner” implying that closure was not imminent at first glance, though they were reportedly forced into layoffs back in January 2021 when 75 employees were let go altogether as part of cost-cutting measures taken by company leadership during these trying times within their industry sector overall too.
Conclusion
As a result, many people are disappointed with this news but overall understand why such drastic measures have been taken in such an economically turbulent period within cryptocurrency markets around world over currently too – leaving us here today where we are sadly seeing yet another case study involving an early adopter (Wyre) being forced out from existence altogether due to external factors outside their control entirely like so many other similar stories before them unfortunately enough as well!
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