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Home » Wyre: A Crypto Payments Firm, Is Closing Down Amid A Market Downturn

Wyre: A Crypto Payments Firm, Is Closing Down Amid A Market Downturn

Hania by Hania
January 4, 2023
in Crypto Exchanges, General News
Reading Time: 2 mins read
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Wyre: A Crypto Payments Firm, Is Closing Down Amid A Market Downturn
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Wyre, a cryptocurrency payments provider is shutting down operations by the end of January amid the broader crypto market downturn following FTX’s collapse.

Sources cited by Axios report that Wyre, which has been operating since 2013, is ceasing its operations from January 2023.

Some Quick Facts About Wyre :

Wyre A Crypto Payments Firm, Is Closing Down Amid A Market Downturn

  • According to two unnamed employees who spoke with Axios, Wyre is closing down. One of the employees added that CEO Ioannis Giannaros sent an email to a few of the employees around the holidays outlining intentions to shut the company and discontinue providing services by the end of the month.
  • According to the unnamed source, employees are really worried because the corporation has not yet provided a severance package.
  • Using LinkedIn on December 31, a former technical engineer at Wyre Michale Staib stated, “In my opinion, #Wyre won’t continue as a profitable firm.”

Wyre: A Crypto Payments Firm, Is Closing Down Amid A Market Downturn

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  • Giannaros emailed Axios, stating, “We’re still operating, but we’ll be scaling back to prepare our future steps.”

Before abandoning the transaction in September, the transportation company Bolt had originally intended to buy Wyre for US$1.5 billion. According to information from Crunchbase, Wyre has raised US$29.1 million over nine fundraising rounds.

Wyre, a company founded in 2013, is among the latest in a series of businesses affected by the FTX exchange’s collapse as well as broader macroeconomic circumstances.

However, Official confirmation of the shutdown has not yet been made by the company.

Tags: BANKRUPTCYMarket Downturn
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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