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Crypto Platform Wyre Shuts Down to ‘Protect the Best Interest’ of Customers

AA News - Dimitar Dzhondzhorov 2023-06-20 07:45

The cryptocurrency payments company – Wyre – announced it will cease operations, citing current “market conditions.” 

The firm has gone through several ups and downs in the past few years, with its main problems starting in 2023 due to the ongoing uncertainty in the digital asset market. 

  • The San Francisco-based crypto entity said it will no longer provide its services, blaming the current challenging times in the finance sector. The move aims to “protect the best interest of our key stakeholders and customers” and has nothing to do with the US SEC crackdown or other regulatory hurdles, Wyre explained.

After nearly a decade, Wyre is winding down. Due to market conditions, we made this decision to protect the best interest of our key stakeholders and customers. This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets.

— Wyre (@sendwyre) June 16, 2023

  • The firm said clients can withdraw their assets via Wyre’s dashboard until July 14. Those who fail to do so will be subject to a separate program to recover their remaining funds. “We will post details on the process on our website and blog,” Wyre assured.
  • Found in 2013, the company gained steam in 2021 when it teamed up with Polygon. The partnership allowed developers to provide access to USDC to customers of the layer 2 blockchain network. 
  • Wyre inked another deal in the spring of 2022 when the financial technology firm Bolt acquired it for $1.5 billion. It is worth noting that the transaction did not involve a special purpose acquisition company (SPAC).
  • The start of 2023, though, was not that successful. Wyre disclosed it was changing some of its policies on January 8 and imposed withdrawal limits a day later. 
  • It resumed the “normal course of operations” the following week after receiving vital support from another organization.

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