Ｗyre is a prominent player in the crypto-based payments industry, has recently made the difficult decision to cease its operations. The company attributed this move to “market conditions” and emphasized its commitment to safeguarding the interests of stakeholders and customers. This announcement was made through a tweet, clarifying that the decision was purely business-related and not influenced by regulatory pressures.
To ensure a smooth transition, Wyre informed its users that they can withdraw their assets using the regular procedure until Friday, July 14. After that date, a special procedure will be put in place for handling any remaining assets. The company assured its customers that their assets would continue to be secured.
Ｗyre – A difficult 2023
Troubles for Wyre became apparent earlier this year, starting with the implementation of withdrawal limitations in January. During that time, the company expressed the need to navigate the challenging market environment and stressed that these limitations were made in the best interest of their community. Following the restrictions, Wyre faced further difficulties, including employee layoffs and rumors circulating about a possible shutdown, all amidst a bear market.
Established in 2013, Wyre has been a reputable player in the industry, offering services such as an instant fiat-to-crypto checkout gateway through API integration. Headquartered in San Francisco, California, the company is led by Stephen Cheng.