Crypto Payment Platform Wyre to Shut Down Amid Financial Crunches

crypto shuts down

Wyre, a U.S.-based crypto payment platform, is set to shut down due to its financial difficulties. This has led platforms such as MetaMask to delist the payment method from their system.

Wyre to Shut Down

In April 2022, Wyre was in the works of being acquired for $1.5 billion by the checkout tech company, Bolt. However, the acquisition failed to come to fruition as Bolt backed out of the deal in September.

Earlier today, the workers of Wyre got a mail from Ioannis Giannaros, the company’s CEO and co-founder, informing them that the company is “basically shutting down.” As a result, virtually all employees are being laid off.

“We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,” Giannaros wrote in an email.

The co-founder stated in a separate email that the company is “still operating but will be scaling down to plan” its next course of action.

MetaMask Delists Wyre

With the financial crunches faced by Wyre, popular self-custodial wallet provider MetaMask has now delisted Wyre from being one of its payment methods. 

Via a Twitter post, the wallet provider urged its users not to use the Wyre payment system. It added that it is working to remove the extension to access the Wyre service from its system.

MetaMask told users that they could opt for available payment options such as Moonpay and Sardine for U.S.-based customers.

Crypto Firms Suffer from Liquidity Difficulties

Wyre has joined a list of crypto-based companies that are very tight on cash. The crypto winter, fueled by several events, has contributed to prolonged liquidity difficulties for many of these firms.

One such event is the collapse of the once-giant crypto exchange FTX and its affiliated companies. The debacle of FTX, which came to light in November 2022, has triggered the downtrend of crypto assets’ prices and the downfall of several crypto firms.

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