A crypto payments service says that it is shuttering its doors after being in the business for 10 years, citing harsh market conditions.
In a new statement, crypto payments firm Wyre says that the decision to cease operations is in the best interest of its customers and stakeholders.
“After nearly a decade, Wyre is winding down. Due to market conditions, we made this decision to protect the best interest of our key stakeholders and customers. This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets.”
According to the digital asset infrastructure provider, users can withdraw their assets from the platform until July 14th. After that period, customers will have to use a separate unspecific process to access their funds.
“If you have assets on the Wyre platform, you can withdraw them via Wyre’s dashboard through Friday, July 14th. After then, we will have a separate process to recover assets remaining on the platform.
We will post details on the process on our website and blog. We appreciate your support and the opportunity to serve you throughout this journey. Please check our blog for further updates.”
In January, reports surfaced that Wyre would be closing up shop after software development firm Bolt Financial reneged on its deal to acquire the platform for $1.5 billion.
At the time, it was announced that Bolt and Wyre mutually agreed to nix the deal.
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