Wyre Admits Close And End Services January 2023

Key Points:

• Cryptocurrency firm Wyre admits close employees who were laid off after downsizing its operations.
• The company planned to stop providing services this month.
• The company is still operating on a small scale and preparing for the following plans.

Cryptocurrency company Wyre admits close its employees. Two former employees of the company have confirmed this to Axios.

Wyre, a crypto payments company founded in 2013, has told employees it will shut down amid layoffs.

Two former employees confirmed the shutdown news. One noted that CEO Ioannis Giannaros had informed several via email over the holiday that the company would be liquidating and retiring and intends to terminate service in January 2023.

One person told Axios that the company has yet to offer a severance package, leading former workers to worry that there may be no package.

On December 31, another employee posted on LinkedIn about being fired, writing: “Wyre will not continue to be a profitable business.“

However, Giannaros told Axios via email, “We are still working but will be scaling back to plan the next steps.” He did not immediately respond to requests for further comment based on an employee’s request.

The reason for this action is believed to be the current crisis in the market. The sudden and rapid collapse of FTX has once again plunged the crypto industry into a cold winter.

Wyre and a series of significant crypto companies have also been hit hard by this crisis. The major crypto company, Blockfi, also had to file for bankruptcy shortly after the collapse of FTX. Or Genesis, a subsidiary of DCG, also caused a domino effect for Gemini in its partnership plan.

Bolt previously announced the acquisition of Wyre for $1.5 billion, but that deal was dropped in September.

According to Crunchbase, Wyre has raised $29 million across nine funding rounds. Its backers include Samsung Next Ventures, Pantera Capital, and the Stellar Development Foundation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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