Wyre halts its operations

 

The U.S.-based crypto payments firm Wyre has announced that it would halt its operations, citing the financial challenges of the bear market conditions, nearly ten years after its launch.  The firm underlined that the move is not due to any regulatory agency direction.  Wyre also stated that the decision aims to protect the best interest of the key stakeholders and customers.  Users who have assets on Wyre can withdraw their funds via the platform's dashboard until July 14.  After this deadline, the firm will implement a separate process to recover assets remaining on the platform. The company added that its assets are now available for acquisition.  The move came nearly eight months after online checkout company Bolt Financial terminated a $1.5B acquisition deal with Wyre.  In January, the crypto payments firm also laid off 75 employees.