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San Francisco-based cryptocurrency payment startup Wyre has shut down after almost ten years in business, citing financial difficulties in a bear market. Wyre said that the closure had nothing to do with the country's current strict regulations.

The firm revealed in a notification dated June 16, 2023 that they have decided to stop operating in order to "protect the best interests of stakeholders and primary customers."

Wyre is still protecting consumer valuables. You still have till Friday, July 14 to withdraw any assets you have on the Wyre platform via the Wyre dashboard. The business said, as reported by Cointelegraph on Monday (June 19, 2023), "After that, we will have a separate process to recover any remaining assets on the platform."

The fiat-to-crypto on-ramp solution provider Juno advised its consumers to remove their crypto assets from the Juno platform and custody them independently as a result of reported "uncertainty" surrounding its custodial partner on January 4, 2023, when problems first surfaced.

The same problem caused MetaMask to stop supporting Wyre's cryptocurrency payment services the next day.

A few days later, Wyre set a 90% withdrawal cap for all customers, which was eventually lifted on January 13 when the firm received funds from an unnamed "strategic partner," indicating that a reorganization was taking place.

Wyre now joins the litany of cryptocurrency and blockchain businesses and initiatives that have crumbled under the weight of the protracted bear market.

Disclaimer: The reader is solely responsible for their investing choices. Be sure to do your homework and analysis before purchasing and selling cryptocurrency. Any gains or losses attributable to investing decisions are not the responsibility of Coinstages.

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