Crypto Payments Company Wyre Reportedly Shutting Down Due to Market Downturn, Recently Valued at $1.5 Billion – Bear Market Getting Worse?
Crypto payments company Wyre reportedly started laying off employees - but also decided on a complete shutdown.
Axios reported that the information was confirmed by two former employees. It cited one of these people as saying that the company's CEO Ioannis Giannaros sent an email to certain employees during the holiday season saying that the company would liquidate.
According to this information, Wyre has plans to end its services already this month.
However, contrary to these claims, Giannaros was quoted by Axios as stating that,
"We’re still operating but will be scaling back to plan our next steps."
Cryptonews.com reached out to Wyre for comment.
Meanwhile, a former employee allegedly claimed that, as there were no offers made for severance packages so far, the workers are concerned that the company may not be providing any.
Another former employee, Michael Staib, who worked at Wyre between September 2021 and January 2023, wrote on LinkeIn that,
"Well, I thought I could get back on track. But it seems life has more challenges for me to complete. In my opinion, Wyre won’t continue as a profitable business."
Meanwhile, Wyre raised $29.1 million in 9 funding rounds from 28 investors, including FJ Labs, Samsung NEXT, Kraken, Draper Associates, Great Oaks Venture Capital, Pantera Capital, Stellar Development Foundation, and others.
In April 2022, checkout and shopper network company Bolt announced an agreement to acquire Wyre, in a deal that was reported to be worth $1.5 billion. However, in September, this deal was scrapped by mutual agreement. "Instead, Wyre will enter into a commercial agreement with Bolt to implement Wyre’s one-click solution for the Bolt customer platform," the announcement said at the time.
The reason behind
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