Wyre to shut down platform and wind down next month.

Wyre, a major payments company in the cryptocurrency industry, has recently announced plans to close its business by the end of next month. The company stated that this move is aimed at protecting its key stakeholders and customers, citing market conditions as the primary reason. However, Wyre clarified that the closure was not influenced by any regulatory agency direction and reassured its users that their assets would continue to be securely managed.

Wyre Advised Its Users on Closure Formalities

Following the announcement of Wyre’s decision to wind down its operations, the company has provided instructions for users who have assets on the platform. Users are advised to withdraw their assets through Wyre’s dashboard by Friday, July 14th. For any remaining assets on the platform after this date, Wyre stated that it will implement a separate process for recovery.

Wyre has established itself as a leading service provider in the crypto space, catering to individuals, businesses, and developers in need of seamless digital asset transfers. The company made headlines in April 2022 when it announced its intentions to be acquired by Bolt Financial. However, Bolt opted out of the acquisition deal for unknown reasons, and Wyre continued to operate independently.

Signs of Troubles for Wyre

Reports suggest that problems began at Wyre when it set withdrawal limits for user accounts, claiming the community’s best interests. In addition, the company also disclosed alterations to its management structure. These moves have led to speculation that the company may be scaling back to strategize and plan its next steps. Another indicator of difficulties for the company is the removal of Wyre from MetaMask’s mobile aggregator, which lets users buy digital assets directly through its extension.