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Payment platform Wyre Cryptocurrency Payments announced to employees that it is closing due to the general downturn in the cryptocurrency market.
Wyre was founded in 2013 by IoannisGiannaros and Michael Dunworth and raised approximately $30 million over nine rounds of funding. At its peak, the company was valued at $1.5 billion. Wyre was expected to be acquired
payments firm Bolt, but the deal was canceled in September. Shortly after Bolt pulled out of the acquisition, Dunworth left Wyre.
Axios recently published a report sayingwhere it says that Wyre, a digital currency payments platform, is winding down operations. Axios' report was confirmed by several reports from former Wyre employees and partners such as JD Ross, founder of music investment platform Royal.io.
Wyre CEO Giannaros did not comment on the company's closure but emailed Axios:
“We are still operating, but we will be scaling back to plan our next steps.”
Formerly a CNBC columnist and host of MadMoney Jim Cramer said that in 2023 the community should not expect major rises in crypto projects, since depressive sentiment will prevail in the market.
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