San-Francisco-based crypto payments firm Wyre is shutting down after almost 10 years in business, citing the financial challenges of the bear market, and not anything to do with any hawkish “regulatory agency direction” in the United States., the firm stated that it made the difficult decision to wind down to “protect the best interest of our key stakeholders and customers.”
“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, July 14th. After then, we will have a separate process to recover assets remaining on the platform,” the firm said. 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.The Wyre team also suggested that its assets are now up for sale, noting that: “If you’re interested in acquiring Wyre’s or its subsidiaries’ assets, please reach out to 88 Partners.
Joining the growing list of crypto casualties, Wyre cites financial challenges and not regulatory concerns as the reason behind its shutdown. The firm's struggles began when a planned acquisition fell through, leading to employee layoffs and withdrawal restrictions.