Crypto Payments Firm Wyre Shuts Down, Urges Users to Withdraw Assets
San Francisco-based crypto payments firm Wyre has made the difficult decision to shut down its operations “in order to protect the best interests” of its users and stakeholders. The firm urged users with assets on its platform “to continue to withdraw them via Wyre’s dashboard until Friday, July 14th.”
No Pressure From Regulatory Agencies, Decision Voluntary
United States-based crypto payments firm Wyre announced on June 16 that it is winding down operations. According to a statement, Wrye’s decision to shut down was made in order to “protect the best interests” of its stakeholders and customers. Despite rumors of regulatory pressure, Wyre clarified that the decision was voluntary.
Wyre's CEO, Ioannis Giannaros, had previously denied any shutdown reports, insisting at the time that the firm was scaling back. However, the challenging market conditions ultimately played a role in the company's winding down process.
Market Conditions and Bolt Deal Fallout Lead to Closure
However, in the statement announcing the payment platform’s shutdown, Wyre cited market conditions as one of the reasons for winding down. The statement also informed users of the next steps they should take.
“If you have assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, July 14th. After that, we will have a separate process to recover assets remaining on the platform. We will post details on the process on our website and blog. We will share more information over the coming weeks,” the payments service provider said.
Wrye also instructed individuals or companies interested in acquiring the crypto payments firm or any of its subsidiaries to contact 88 Partners via email.
Wyre's difficulties began when the US tech giant Bolt unexpectedly backed out of its proposed acquisition of the crypto payments service provider for a whopping USD 1.5 billion. Subsequently, reports surfaced in early January about Wyre modifying its withdrawal policy due to deteriorating market conditions.
As the crypto community absorbs the news of Wyre's closure, we would love to hear your thoughts on this development.
Please share your opinions and insights in the comments section below.
0 Comments