Crypto payments company Wyre, based in San Francisco, is shutting down after nearly 10 years of operations. The decision is not related to any regulatory crackdown in the United States, but rather to the financial challenges of the bear market.
In a blog post on June 16, the company announced that it has made this difficult decision in order to protect the best interests of its key stakeholders and customers.
Wyre is committed to continuing to protect customer assets. If users have assets on the Wyre platform, they can continue to withdraw them until Friday, July 14. After that, the company will establish a separate process for customers to recover the remaining assets. on the platform.
Wyre has suggested that their property is for sale and directed anyone interested in purchasing property from Wyre or its subsidiaries to contact 88 Partners.
The company has been struggling since Bolt, a payments company, canceled plans to buy Wyre for $1.5 billion in September 2022. This has created a financial challenge for Wyre and could contributed to the company’s decision to close.