Formerly valued at over $1 billion, crypto payment company Wyre now shuts down

Wyre, an early popular third-party crypto payment processor, recently announced the decision to shut down its services due to market conditions.

Acquired for Over $1 Billion Valuation, Wyre Shuts Down Today

Wyre, an early-stage company founded in 2013 that provides payment processing services for crypto companies, was acquired by e-commerce company Bolt in April 2022 for a valuation of $1.5 billion, making it one of the largest acquisition deals at the time, as reported by The Block.

On 6/16, Wyre announced that after nearly a decade of operation, they had to make the decision to shut down due to market conditions, in order to protect shareholders and customers. The company emphasized that this decision was not driven by regulatory factors and that they continue to safeguard user assets.

Wyre stated that users can withdraw their assets through the service interface by July 14th of this year, after which a separate asset recovery process will be initiated.