Wyre, a prominent crypto-based payments firm, has announced its decision to shut down its operations. The company cites challenging market conditions as the primary reason for this strategic move.
Market Conditions Prompt Closure
In a tweet published on Friday, Wyre expressed its commitment to safeguarding the interests of its stakeholders and customers in light of prevailing market conditions. The company clarified that the decision was not influenced by any regulatory agency directive.
Furthermore, Wyre assured its customers that their assets would continue to be secured throughout the process.
For users who still hold assets on the platform, Wyre has established a withdrawal timeline. Until Friday, July 14, customers can follow the normal withdrawal procedure to access their funds.
Subsequently, the company will introduce a special procedure for remaining assets. Detailed instructions regarding this process will be provided on Wyre’s website and blog.
Difficulties Faced in 2023
Earlier this year, signs of trouble began to emerge at Wyre. In January, the firm imposed withdrawal limitations, allowing clients to withdraw only 90% of their account funds. The company further justified this decision as a means to navigate the challenging market environment.
Wyre emphasized that the measure was taken in the best interest of its community and acknowledged that strategic options were being explored due to the bear market.
Shortly before the withdrawal limitations were imposed, Wyre had already laid off 75 employees, further fueling rumors of an impending shutdown. These rumors were circulating within the industry, suggesting that the company’s difficulties were reaching a critical point.
Established Presence and Services
Wyre, which has been operational since 2013, has built a strong reputation in the market. Among its offerings is an instant fiat-to-crypto checkout gateway, accessible to various applications through an API. Stephen Cheng leads the company, with its headquarters located in San Francisco, California.
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