Wyre, a prominent cryptocurrency infrastructure provider, is experiencing the effects of declining interest in the once-promising financial frontier of the crypto market. In a recent tweet, the company announced its decision to wind down operations.
This development follows the cancellation of Bolt Financial’s intended $1.5 billion acquisition of Wyre, which occurred several months ago. The digital asset market has since witnessed significant setbacks, including the high-profile bankruptcy of crypto exchange FTX and legal action taken by the U.S. Securities and Exchange Commission against industry giants Binance and Coinbase Global.
Wyre clarified that its decision to wind down was unrelated to regulatory actions. The company assured investors that they could withdraw their assets from its platform through the provided dashboard until July 14.