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News

Wyre Closed Soon, Users Can Withdraw Assets Before July 14

June 17, 2023 - Around 2 mins mins to read

Key Points:

  • Crypto payments company Wyre has announced it will close soon after a difficult year.
  • Users can withdraw their funds by July 14, after which the company will announce the process to recover the remaining assets on the platform.
  • In January, the company downsized and announced it was shutting down after restricting customer withdrawals.
Wyre, a crypto payments company, tweeted that the company will close soon due to market conditions. Users can now withdraw assets until July 14.
Wyre Closed Soon, Users Can Withdraw Assets Before July 14

Wyre said the decision was made in the best interests of key stakeholders and customers and not because of any guidance from any regulatory body.

The company emphasizes that it will continue to protect the safety of customers’ assets. Users with assets on the Wyre platform will have until July 14 to withdraw their assets through the company’s dashboard, after which there will be a separate process for recovering assets remaining on the platform.

“If you have assets on the Wyre platform, you can withdraw them via Wyre’s dashboard through Friday, July 14. After then, we will have a separate process to recover assets remaining on the platform. We will post details on the process on our website and blogs.”

As previously reported, in January of this year, Wyre informed employees that the company would be liquidated but later said that it had received financing from a strategic partner and could continue operating regular operations and remove the customer’s withdrawal limit.

Wyre Closed Soon, Users Can Withdraw Assets Before July 14

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

At the time, Wyre fired employees and told them the company was shutting down. To continue operating despite financial difficulties and better prepare the company for any future upheaval in the industry, it announced earlier this week that it would limit customer withdrawal.

According to Crunchbase, the company 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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