{"id":27665,"date":"2023-01-04T19:15:57","date_gmt":"2023-01-04T19:15:57","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/04\/report-crypto-payments-company-wyre-to-shut-down\/"},"modified":"2023-01-04T19:15:57","modified_gmt":"2023-01-04T19:15:57","slug":"report-crypto-payments-company-wyre-to-shut-down","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/04\/report-crypto-payments-company-wyre-to-shut-down\/","title":{"rendered":"Report: Crypto payments company Wyre to shut down"},"content":{"rendered":"

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Crypto payments infrastructure firm Wyre Payments Inc. may be on the verge of shutdown according to Axios<\/a>, which reported Chief Executive Ioannis Giannaros allegedly told employees over the holiday the company plans to end services this month.<\/p>\n

The report cited two unnamed employees, who confirmed an email sent to some of the staff about a planned liquidation of the company. One employee stated that there had been no confirmation of severance packages.<\/p>\n

Commenting on the report, Giannaros did not say that there were any immediate plans for a shutdown, instead telling Axios: \u201cWe\u2019re still operating but will be scaling back to plan our next steps.\u201d<\/p>\n

Launched in 2013, Wyre had agreed to an acquisition deal<\/a> with one-click checkout provider Bolt Financial Inc. in April 2022 that would have been a $1.5 billion deal for the company. However, that deal fell through<\/a> in September amid poor crypto markets, also known as \u201ccrypto winter.\u201d<\/p>\n

Instead, the two companies agreed to enter into a commercial arrangement where Bolt implemented Wyre\u2019s solution for Bolt\u2019s platform.<\/p>\n

The depressed crypto markets have increasingly led to crypto deals falling through including Galaxy Digital terminating a $1.2 billion deal<\/a> to acquire enterprise cryptocurrency wallet BitGo Inc. in August.<\/p>\n

The same poor markets have led numerous crypto companies to lay off employees in 2022 including crypto exchanges Coinbase Inc.<\/a>, Kraken<\/a>, Crypto.com<\/a>, Bitmex<\/a> and nonfungible token marketplace Dapper Labs<\/a>.<\/p>\n

The prolonged bear market has seen the value of cryptocurrencies such as bitcoin fall 65% from its value of $47,000 at the beginning of 2022 to $16,900 currently. Much of this was propelled by a broad market decline during 2022 and the crash of the TerraUSD stablecoin<\/a> in May leading markets to drop below $30,000. More recently the third largest crypto exchange FTX went bankrupt<\/a>, ultimately leading to further market volatility.<\/p>\n

Image: Pixabay<\/h5>\n
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