Operating 10 Years, Crypto Payment Company Wyre Shuts Down

Liputan6.com, Jakarta San Francisco-based crypto payments company Wyre is closing after nearly 10 years in operation, citing bear market financial challenges. Wyre said the shutdown had nothing to do with the harsh policies that were taking place in the United States.

In a June 16, 2023 notice the companies stated they made the difficult decision to retire to “protect the best interests of key stakeholders and customers.”

“Wyre continues to secure customer assets. If you have assets on the Wyre platform, you can continue to withdraw them via the Wyre dashboard until Friday, July 14th. After that, we will have a separate process for recovering the remaining assets on the platform,” the company said, quoted from Cointelegraph, Monday (19/6/2023).

On January 4, 2023, problems started to emerge, with fiat-to-crypto on-ramp solution provider Juno urging its users to remove their crypto assets from Juno’s platform and self custody due to reported “uncertainty” surrounding its custodial partners.

The following day, MetaMask also discontinued support for its crypto payment service Wyre due to the same issue.

Just days after this, Wyre imposed a 90 percent withdrawal limit for all of its users but immediately lifted that 90 percent limit on Jan. 13 after securing financing from an unnamed “strategic partner,” indicating the company was on the mend.

Wyre adds itself to a growing list of crypto and blockchain companies and projects that have buckled under the pressure of a long-running bear market.

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