Wyre, a billion-dollar crypto payments firm, shutting down to safeguard stakeholders amid challenging market conditions. Withdrawals until July 14, separate process for remaining assets. Renowned provider of instant fiat-to-crypto checkout services since 2013. Based in San Francisco.
Wyre, a company that facilitates cryptocurrency payments, is closing down its operations due to unfavorable “market conditions” and a desire to safeguard the interests of its stakeholders and customers. The announcement of the shutdown was made through a tweet on Friday, with the company clarifying that the decision was solely based on business considerations and not influenced by regulatory constraints.
“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,”expressed in a statement by the cryptocurrency payment service
In a subsequent tweet, Wyre informed its users that those who still have assets on the platform can utilize the regular withdrawal process until Friday, July 14. After that, a distinct procedure will be implemented specifically for the remaining assets.
The company stated that they will share comprehensive information about the process on their website and blog.
A Challenging Journey: Wyre’s Turbulent Road In 2023
Navigating through the tumultuous landscape of 2023 proved to be a challenging journey for Wyre. The initial signs of trouble emerged in January when the company took the measure of restricting client withdrawals to 90% of their funds held in the account.
During that period, the firm justified this action as a necessity to maneuver through the prevailing market conditions. Additionally, they emphasized that this decision was made with the utmost consideration for the well-being of their community, acknowledging their exploration of strategic alternatives amidst the bearish market sentiment.
It’s worth noting that the withdrawal limitations were imposed shortly after Wyre had to let go of 75 employees, leading to speculations of an impending closure. Since its establishment in 2013, Wyre has been known for its provision of an instant fiat-to-crypto checkout gateway, serving as a valuable resource accessible to various applications through an API.
Under the leadership of Stephen Cheng, Wyre is headquartered in the vibrant city of San Francisco, California.