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The cryptocurrency payment provider – Wyre – has declared it will halt its operations, citing prevailing “market conditions.”
The company has experienced numerous fluctuations over the past few years, with significant challenges beginning in 2023 due to the persistent uncertainty in the digital asset landscape.
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- The San Francisco-based crypto firm announced it will discontinue its services, attributing this decision to the current difficult circumstances in the financial sector. The action is intended to “protect the best interest of our key stakeholders and customers” and is unrelated to the US SEC enforcement actions or other regulatory challenges, Wyre clarified.
- The company stated that clients can withdraw their assets through Wyre’s dashboard until July 14. Those who do not complete this process will be subject to a separate program for recovering their remaining funds. “We will provide details on the procedure on our website and blog,” Wyre confirmed.
- Founded in 2013, the firm gained momentum in 2021 when it partnered with Polygon. This collaboration enabled developers to offer access to USDC to users of the layer 2 blockchain network.
- Wyre entered into another agreement in the spring of 2022 when the financial technology company Bolt acquired it for $1.5 billion. It is important to note that this transaction did not involve a special purpose acquisition company (SPAC).
- However, the beginning of 2023 was not particularly favorable. Wyre announced it was modifying some of its policies on January 8 and implemented withdrawal limits the following day.
- It resumed the “normal course of operations” the subsequent week after receiving crucial support from another entity.
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