Crypto payment platform Wyre ceases operations

Payments platform Wyre Cryptocurrency Payments has announced to employees that it is shutting down due to a general downturn in the cryptocurrency market. Wyre was founded in 2013 by Ioannis Giannaros and Michael Dunworth and raised approximately $30M in nine funding rounds.. At its peak, the company was valued at $1.5 billion.. Wyre was supposed to be acquired by payment firm Bolt, but the deal was canceled in September. Shortly after Bolt pulled out of the acquisition, Dunworth left Wyre. The other day, Axios published a message stating that Wyre, a digital currency payment platform, is curtailing activities.. The Axios information has been corroborated by several reports from former Wyre employees and partners, such as JD Ross, founder of music investment platform Royal.io. Wyre CEO Giannaros did not comment on the company's closure, but wrote to Axios via email: “We are still working, but will be downsizing to plan our next steps.” Earlier, CNBC columnist, Mad Money host Jim Cramer said that in 2023, the community should not expect major take-offs of crypto projects, as depressive moods will prevail in the market.