San Francisco-based crypto payments firm Wyre has announced that it has begun the process of winding down its operations. It also noted that interested parties could begin inquiries about purchasing the firm’s assets.
The firm cited challenges arising from the prolonged bear market and not due to the regulatory conditions prevailing in the US markets.
Bear Market Claims Another Victim
Wyre announced its decision to shutter operations in a tweet on Friday. The decision comes a few months after Bolt Financial canceled its planned $1.5 billion purchase of the crypto payments firm. Since the cancellation of the purchase, the digital asset markets have seen a number of high-profile bankruptcies, such as FTX, along with lawsuits against prominent exchanges, including Coinbase and Binance, from The United States Securities and Exchange Commission. The company also stressed that the decision was not due to any direction from regulatory agencies.
“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 also stated that customers have until Friday, 14th July 2023, to withdraw their assets via the Wyre dashboard. If customers miss this date, Wyre has laid down a separate process to enable the recovery of assets left on the platform. According to Wyre’s blog post,
“Wyre continues to secure customer assets. If you have assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, 14th July. After then, 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.”
The Wyre team also seemed to suggest that the company’s assets were up for sale and that interested parties could inquire about purchasing the firm or its assets.
“If you’re interested in acquiring Wyre’s or its subsidiaries’ assets, please reach out to 88 Partners.”
Wyre’s Troubled Year
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Author: Amara Khatri
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