- The company has been in the market since 2013
- The reason they cited the bear market for the closure
- You can withdraw your assets until July 14
Crypto-payment platform Wyre announced it is closing. The firm has now begun the process of shutting down operations, and has said it is ready to sell assets.
The blockchain company has been in the market for about 10 years, and has survived more than one bear market. Nevertheless, Wyre cited financial problems of the bear market as the reason for closing. The firm also noted that pressure from regulators had no influence on the decision.
June 16, the crypto platform posted a message on its Twitter account announcing the decision.
“After nearly a decade, Wyre is winding down. Because of market conditions, we made this decision to protect the interests of our key stakeholders and customers. This decision is not contingent on the direction of any regulatory agency. Wyre continues to protect customer assets.”
Wyre also reported that customers can still withdraw their funds through the Wyre dashboard, until July 14. After that, a special procedure will begin to restore the assets that were left on the platform. Full details of the process will be published on the company’s website. In addition, the Wyre team informs that they are beginning to sell their assets.
In early 2023, it was already reported that the platform would cease operations and lay off employees.
In early 2023, it was already reported that the platform would cease operations and lay off employees.