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 :
- 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.”
- 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.