Wyre Announces it is Closing its Business

After ten years of operation, US crypto payment company Wyre has announced it is shutting down due to harsh bear market conditions.

Users will be able to withdraw funds from the platform until July 14 and they can expect a special redemption process to begin afterwards.

Wyre’s assets are up for sale, with business propositions to be considered by 88 Partners.

The closure was sparked by a strongly rejected $1.5 billion takeover deal with Bolt in September 2022.

Then, in January 2023, the payments platform limited its withdrawals to 90% of the deposit. Co-founder and CEO Ioannis Giannaros alerted the staff about the potential closure of the business.

Fortunately, the platform was able to lift the withdrawal ban after acquiring a strategic partner.

This follows Cowen’s closure of the crypto division after only one year in June, as well as the bankruptcy filing from Banq, the payment subsidiary of crypto custodian Prime Trust, during the same month.