In a press release on June 16, San Francisco-based Wyre announced that it had made the difficult decision to go out of business. The company was quick to point out, in these times of US regulatory turmoil, that its decision was based solely on market conditions and not on "directives from regulatory bodies", the crypto infrastructure platform says ensure the safety of its clients' funds until July 14th. After this date, an alternative process will be put in place to recover the assets left on the platform.
Wires stalled
The closure of Wire comes as no surprise. Since Bolt Financial, a software development company, canceled the agreement to acquire the platform, Wire has been closed. for $ 1,5 billionthe cryptocurrency payment provider seemed to be numbered. It offered specific services for individuals and companies, , allowing them to exchange cryptocurrencies for traditional currencies through ramps between banks and native wallets..
After this breach of the agreement allegedly reached in consultation, Wyre had a time limited withdrawals on its platform before restoring them completely after obtaining funding of mysterious origins. But evidently it wasn't enough and the company fired 75 employees.
The cryptocurrency winter continues to wreak havoc, with countless companies dropping the ghost in what is arguably the toughest sequence the ecosystem has seen in its short existence. With the regulatory offensive underway in the US after the fall of FTX, the list could get even longer and continue to affect an industry that does not appear to have reached the end of its cycle.
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