Crypto Platform Wyre Shuts Down to ‘Protect the Best Interest’ of Customers

The cryptocurrency payment company – Wyre – has announced that it will cease operations, citing current “market conditions”.

The company has seen several ups and downs over the past few years, with its main issues starting in 2023 due to the continued uncertainty in the digital asset market.

• The San Francisco-based crypto entity said it would no longer provide its services, blaming the current tough times in the financial industry. The move is to “protect the best interests of our key stakeholders and customers” and has nothing to do with the US SEC’s crackdown or other regulatory hurdles, Wyre explained.

After nearly a decade, Wyre is coming to an end. Due to market conditions, we have made this decision to best protect the interests of our key stakeholders and customers. This decision is not due to any directive from a regulatory body. Wyre continues to secure customer assets.

—Wyre (@sendwyre) June 16, 2023

• The company said customers can withdraw their assets through Wyre’s dashboard until July 14. Those who do not will be subject to a separate program to recover their remaining funds. “We will post details of the process on our website and blog,” Wyre assured.
• Founded in 2013, the company gained momentum in 2021 when it associates with Polygon. The partnership allowed the developers to provide access to USDC to customers of the Layer 2 blockchain network.
• wyre ink another deal in the spring of 2022 when fintech firm Bolt acquired it for $1.5 billion. It should be noted that the operation did not involve an ad hoc acquisition company (SPAC).
• The start of 2023, however, has not been so successful. Wyre revealed that he was changing some of his policies on January 8 and imposed withdrawal limits one day later.
• It resumed “normal course of operations” the following week after receiving vital support from another organization.