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Crypto payments platform Wyre shuts shop due to crypto winter

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San Francisco-based crypto payments firm Wyre is shutting its shop after nearly 10 years in operation due to the ongoing crypto winter.

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  • The firm stated that its decision has got nothing to do with the recent regulatory enforcement actions.
  • Customers can withdraw their assets through Wyre’s dashboard until 14 July.

Crypto payments firm Wyre is shutting its shop after nearly 10 years in operation due to the financial constraints of the ongoing crypto winter.

The firm released a statement informing that it made the difficult decision to close the project in order to “protect the best interest of our key stakeholders and customers.”

Customers can withdraw their assets through Wyre’s dashboard until 14 July. When this period expires, a separate action will be initiated to retrieve any remaining assets from the platform.

The firm stated that its decision has not got anything to do with the recent regulatory enforcement action in the United States. The team also indicated that its assets were now up for acquisition.

Wyre’s trouble did not cease for months

It was only in September last year that the online checkout firm Bolt Financial abandoned its proposed $1.5 billion acquisition of Wyre.

Due to the apparent “uncertainty” surrounding its custodial partner Wyre, Juno, a fiat-to-crypto on-ramp solution provider, recommended its consumers in January 2022 to move their crypto assets off the Juno network and into self-custody. MetaMask soon followed suit, discontinuing support for Wyre’s crypto payment services due to the same issue.

Wyre then imposed a 90% withdrawal limit for all its users, but then promptly reversed that 90% cap on 13 January once it secured funds from an undisclosed “strategic partner,” implying that the company is not waning soon.

But, then again, it also reportedly laid off 75 employees in January. It was also a payments partner of Binance.US that recently halted USD deposits and withdrawals due to regulatory action.

The San Francisco-based crypto payments firm is now among the long list of crypto firms that have buckled under the pressure of a long running crypto winter.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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