San Francisco-based crypto payments firm Wyre has announced its decision to wind down operations in order to protect the interests of its users and stakeholders.
Wyre is Focused on Liquidating Assets for its Investors
San Francisco-based crypto payments firm Wyre has announced its decision to wind down operations in order to protect the interests of its users and stakeholders. The company, which launched in 2013, urged its users to withdraw their assets from the platform by July 14. Wyre's troubles began when a deal for acquisition by U.S. tech company Bolt fell through in September 2022. Subsequently, Wyre modified its withdrawal policy due to deteriorating market conditions in early January.
The decision to shut down comes after months of speculation about the platform's future, with Wyre previously denying reports of its closure and claiming to be scaling back instead. Wyre clarified that the move was not a result of pressure from regulatory agencies, but tough market conditions and firm competition from rival firms as reasons for its decision to wind down operations.
Wyre is focused on liquidating assets for its investors, and parties interested in acquiring Wyre’s assets were advised to contact 88partners, an advisory firm, via email. Since 2013, the company has raised almost $30 million across 9 funding rounds. The company assured users that there would be a separate process to recover assets remaining on the platform after July 14, and that more information would be shared on their website and blog in the coming weeks.
