Rockwallet Steps in to Adopt Wyre’s Customers Following Shutdown

February 15, 2024 Bitcoin.com

Crypto Payments Firm Wyre To Shut Down After a Decade in Business, Citing Market Conditions

June 18, 2023 The Daily Hodl

Crypto payments platform Wyre shutters citing bear market conditions

June 17, 2023 Coin Telegraph

Bear Market

Wyre has begun the process of winding down and noted that interested parties can now start inquiring about purchasing the firm’s assets.

San-Francisco-based crypto payments firm Wyre is shutting down after almost 10 years in business, citing the financial challenges of the bear market, and not anything to do with any hawkish “regulatory agency direction” in the United States.

In a June 16 blog post, the firm stated that it made the difficult decision to wind down to “protect the best interest of our key stakeholders and customers.”

“Wyre continues to secure customer assets. If you have assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, July 14th. After then, we will have a separate process to recover assets remaining on the platform,” the firm said.

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.
— Wyre (@sendwyre) June 16, 2023

The Wyre team also suggested that its assets are now up for sale, noting that: “If you’re interested in acquiring Wyre’s or its subsidiaries’ assets, please reach out to 88 Partners.”

The firm has reportedly been circling the drain since one-click checkout company Bolt canceled its plans to acquire Wyre for $1.5 billion back in September 2022.

A few months later, trouble started brewing as fiat-to-crypto on-ramp solution provider Juno urged its users On Jan. 4 to get their crypto assets off the Juno platform and self custody, due to the reported “uncertainty” surrounding its custodial partner Wyre.

The following day, MetaMask also winded down support for Wyre’s crypto payment services over that same issue.

Just a few days after this, Wyre went on to impose a 90% withdrawal limit for all its users, but then promptly lifted that 90% cap on Jan. 13 after securing financing from an unnamed “strategic partner”, suggesting the firm was on the mend.

Notably however, Wyre had also reportedly laid off 75 employees in January.

Wyre adds itself to an ever growing list of crypto/blockchain firms and projects that have buckled under the pressure of a long running bear market.

In May alone, crypto fintech firm Unbanked, Lightning Network payments platform BottlePay, crypto exchange HotBit, NFT platform Terressa and Digital Currency Group’s institutional trading platform TradeBlock all shut down due to crypto winter.

Magazine: Cryptocurrency trading addiction — What to look out for and how it is treated

SpankPay crypto payment service shutters, citing ‘hostile banking environment

March 21, 2023 Coin Telegraph

Adult Entertainment

SpankChain was forced to close its crypto payment processor after the hunt for a new adult-industry-friendly service provider yielded no results.

Ethereum-based adult entertainment platform SpankChain is shuttering its crypto payment processor, SpankPay, after losing its payment service provider Wyre in February and failing to find a new one.

In February, SpankPay revealed that its previous provider — crypto payment platform Wyre — had terminated its agreement to provide payment services to SpankPay, referring to "violations of any third-party payment processor or network rules."

After a long and difficult consideration, we have decided to close down SpankPay, our crypto payment processor that we built as a safe haven for our community. Rest assured your money is safe and we’ll get it to you as soon as possible.
— SpankPay (@SpankPay) March 20, 2023

In a March 20 post, SpankPay said this was a “targeted shutdown” by Wyre because their new payment processor “doesn’t work with the adult business.”

“This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point,” it wrote.

SpankPay says since then, all attempts to find another service provided resulted in rejection due to it "being in the adult industry."

Other service providers that we explored also rejected us due to being in the adult industry. Operating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve.
— SpankPay (@SpankPay) March 20, 2023

"Operating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve," SpankPay wrote in a Twitter thread.

SpankChain is an Ethereum-based blockchain aimed at helping adult content creators cut out third-party intermediaries such as traditional banks — which have had a long history of conflict with the adult industry.

SpankChain launched SpankPay in July 2019. The adult-industry-friendly payment solution assisted adult entertainers and merchants in accepting cryptocurrency for their services.

Despite the shutdown, the company assured users, "your money is safe and we'll get it to you as soon as possible."

“We encourage users to create crypto wallets and explore personal financial sovereignty. We’ll continue to develop and invest in products that advance the adult industry,” it added.

Crypto payments platform Wyre lifts 90% withdrawal cap

January 13, 2023 Coin Telegraph

Coin Telegraph

Just five days after it imposed them, Wyre has removed all limits on account withdrawals.

Crypto payment platform Wyre has lifted the 90% withdrawal limit it placed on its users earlier this week after securing additional funding.

On Jan. 13, the San Francisco-based fintech firm announced that it had received financing from a “strategic partner” that allows it to continue the normal course of operations, including re-accepting deposits again.

“As a regulated financial institution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals” it added.

Hey Wyre community – we’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations.
— Wyre (@sendwyre) January 12, 2023

Wyre set withdrawal limits on Jan. 8 restricting customers from emptying their accounts entirely with a 90% withdrawal cap.

The limits were imposed just two days after former employees hinted at the possibility of the firm’s shutdown. Explaining the withdrawal cap then, Wyre said it was in “the best interest of our community,” without divulging further.

However, as of the latest update, Wyre says it has now removed that cap and full withdrawals and deposits are permitted again after receiving “additional capital” from an unnamed “strategic partner.”

“We will resume accepting deposits and lift the 90% withdrawal limit effective immediately.”

“This additional capital will help us continue to deliver on our mission to simplify and revolutionize the global financial ecosystem,” it added.

Wyre provides real-time payouts, same-day transfers, direct-to-bank transfers, and cross-border payments in fiat and crypto. The company was acquired by fintech firm Bolt for $1.5 billion in April 2022.

The company, founded in 2013, has been feeling the squeeze like many others in the crypto bear market. It laid off 75 employees earlier this month according to reports.

Furthermore, concerns have been raised over insolvency as reports circulated regarding a potential shutdown in early January. However, the company has denied them and today’s announcement suggests that its current situation has improved.

Popular crypto wallet MetaMask severed ties with Wyre on Jan. 5 when it announced the removal of the platform from its mobile aggregator and browser extension.

Airtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin

January 9, 2023 Bitcoin.com

Wyre imposes up to a 90% withdrawal limit for all users

January 8, 2023 Coin Telegraph

Coin Telegraph

Wyre imposed a daily withdrawal limit on its platform subject, citing “the best interest of our community.”

Crypto payment platform Wyre modified its withdrawal policy to limit users from cashing out up to 90% of their assets just days after two former employees allegedly hinted the possibility of a shutdown.

On Jan. 7, 2023, Wyre imposed a withdrawal limit on its platform, citing “the best interest of our community.” Following the policy modification, Wyre users can withdraw up to 90% of their crypto funds as the company explores strategic options to circumvent the prolonged bear market.

We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits.
— Wyre (@sendwyre) January 7, 2023

In addition, the company appointed Yanni Giannaros, Wyre’s chief risk officer and compliance officer, as the interim CEO. Wyre users will be subject to changes in daily withdrawal limits as the platform entails new operational strategies.

Reports suggesting a collapse of Wyre resulted in its breakup of partnership with crypto wallet MetaMask.

On Jan. 5, MetaMask announced the removal of Wyre from its mobile aggregator, which used to allow users to buy cryptocurrencies directly from the digital wallet.

“We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.

Wyre Announces Modification of Withdrawal Policy, Pushing Topps to Temporarily Suspend NFT Marketplace Transactions

January 7, 2023 Bitcoin.com

MetaMask removes Wyre from aggregators amid shutdown reports

January 6, 2023 Coin Telegraph

Coin Telegraph

Wyre was set to be acquired for $1.5 billion by San Francisco e-commerce startup Bolt last year, but the deal was eventually scrapped.

Crypto wallet MetaMask is ending support for services of Wyre crypto payment platform amid reports of Wyre planning to shut down operations soon.

MetaMask took to Twitter on Jan. 5 to announce that it has removed Wyre from its mobile aggregator, which allows users to buy crypto directly through its digital wallet.

“We're currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.

According to the announcement, MetaMask still supports a wide number of other payment gateways, including Transak, MoonPay, and Sardine. The services are available on Apple Pay, bank cards and transfers, MetaMask noted.

The news comes soon after Wyre CEO Ioannis Giannaros reportedly announced to employees that the firm is going to soon shutdown operations.

“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 reportedly stated.

MetaMask did not immediately respond to Cointelegraph’s request to comment. Wyre did not respond to several press inquiries from Cointelegraph.

Founded in 2013 in San Francisco, Wyre is a major crypto payment firm that came close to being acquired for $1.5 billion last year. In April 2022, the United States e-commerce startup Bolt agreed to acquire Wyre. Amid the massive crypto bear market of 2022, Bolt eventually opted to scrap the deal in September.

Crypto Firm Wyre Reportedly Shuts Down After Canceled Bolt Acquisition, CEO Claims Firm Is Just ‘Scaling Back’ Operations

January 5, 2023 Bitcoin.com

Wyre

Share this video