Wyre to Wind Down Operations Due to Market Conditions
Crypto payments firm Wyre has announced plans to cease its operations, attributing the decision to “market conditions.” The company aims to safeguard the interests of its key stakeholders and customers, and will maintain withdrawals open for clients until July 14. After that date, a process will be in place to recover assets remaining on the platform.
Previously Set for $1.5 Billion Acquisition
In April 2022, Wyre was on the verge of being acquired by checkout and shopping network company Bolt in a deal that valued Wyre at $1.5 billion, making it one of the largest crypto deals ever announced. The two companies’ mission was to “decentralize commerce” and simplify digital shopping by combining their technologies. However, the deal was called off in September, joining a string of other fintech deals that have collapsed, such as UBS and Wealthfront, and Galaxy Digital and BitGo.
Wyre had initially raised nearly $30 million from various investors, including the Stellar Development Foundation and crypto venture fund Pantera.