Crypto Payment Firm Wyre Reportedly to Close Operations

Wyre, a crypto payment firm that came close to being acquired for $1.5 billion last year, is on the brink of liquiditation, according to reports.

In operation since 2013, Wyre agreed a $1.5 billion sale to online checkout company Bolt in April last year. The deal was abandoned in September during the tech stock bonfire, which saw Bolt lay off a third of its staff.

Two former personnel of Wyre confirmed the looming shutdown in a conversation. One of them said that Wyre CEO Ioannis Giannaros emailed over the holiday session about a planned liquidation and dissolution of operations of in January 2023.

Another employee went public on his thoughts about the fate of the company on LinkedIn: "In my opinion, Wyre won't continue as a profitable business."

The shutdown has not been confirmed officially. Wyre chief Giannaros said: "We're still operating but will be scaling back to plan our next steps."

(Source: Finextra)