Wyre, a billion dollar crypto payments firm, to shut down due to market conditions.

The crypto-based payments company Wyre is closing down its operations due to unfavorable market conditions and to protect the interests of its stakeholders and customers.

The company announced the shutdown on Friday via Twitter, emphasizing that the decision was purely business-related and not due to any regulatory pressure.

“Due to market conditions, we made this decision to protect the best interest of our key stakeholders and customers. This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets,” the company wrote.

Wyre also announced that users who still have assets on the platform can withdraw them until Friday, July 14, using the normal procedure. After that date, a special procedure will be created for remaining assets, and details of the process will be posted on the company’s website and blog.

A difficult 2023

In January of this year, Wyre limited withdrawals for its clients to 90% of funds held in their accounts, citing the need to “navigate the current market environment.” The company also said at the time that it was “exploring strategic options” amid the bear market. The decision to limit withdrawals came shortly after the company had laid off 75 employees, and rumors were already circulating that the firm was planning to shut down.

Wyre was established in 2013 and offers an instant fiat-to-crypto checkout gateway that can be used by various applications via API. The company is led by Stephen Cheng and is headquartered in San Francisco, California.