Wyre Shutting Down Its Operation
San-Francisco-based crypto payments platform Wyre decided to shut down its operation after running it for 10 years. They started their journey back in 2013. It supports fiat and crypto transactions that can be used to make payments for crypto.
It is stated that there is no regulatory pressure and the reason for winding down its operation is the market conditions. The crypto market shows how tough it could be in a bear market. Many businesses close their operation or lay off their workforce and find a way to survive. It is difficult to run a business when the market shows its toughest phase.
Wyre wants to protect the best interest of their customers and stakeholders, so it decided to close the platform's operation. Customers can withdraw their funds via the platform's dashboard until July 14. After that, they will set up a separate system to withdraw the remaining assets.
Bolt is one of the largest payment service providers that wanted to acquire Wyre. But the deal did not go through and Bolt backed out of acquiring Wyre for $1.5 billion in September 2022. In January 2023, they laid off 75 employees from their firm. It appears things are not going well. It is not easy to absorb the toughest bow of crypto winter.
Even though they say they do not have any pressure from regulatory agencies, regulatory scrutiny shows what could happen in the future. The largest crypto exchange Binance, as well as the popular crypto exchange Coinbase, are in trouble due to lawsuits and regulatory pressure. Any crypto business will think twice before making their moves.
Hope things will change and the environment will be in favor of growing crypto businesses. If any company or individual is willing to acquire the crypto payments platform, Wyre, the door is open. They can contact 88 Partners through email and discuss this.
Looks like only the best crypto businesses will face challenges successfully and survive in a bear market. The future of crypto is exciting. Sometimes you need to step back, adapt and then make your new move to rise and shine.
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