Wyre announced on Friday, June 16 that it has decided to cease operations, citing market conditions.
The company shared: “We made this decision to best protect the interests of our key stakeholders and customers. This land is not dependent on the direction of any regulatory agency. Wyre continues to secure client assets.” The firm plans to keep withdrawals open to customers until July 14.
Wyre To Be Acquired By Bolt In 2022
Founded in 2013, Wyre has provided fiat-to-crypto infrastructure to companies operating in the crypto market throughout its existence.
The company was to be acquired by payments and shopping network firm Bolt in April 2022 in a deal valuing Wyre at $1.5 billion. The goals of the two companies at the time included merging technologies to decentralize commerce, enhance and simplify digital exchanges. However, in a statement made in September, it was announced that the agreement was terminated. Thus, the deal was included in a number of fintech deals that did not conclude, such as deals between UBS and Wealthfront and Galaxy Digital and BitGo.
In the early stages of the project, Wyre had raised nearly $30 million in funding from a number of investors, including the Stellar Development Foundation and crypto venture fund Pantera Capital.
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