Wyre is a platform that provides infrastructure for the new economy. It enables users and developers to interact with both traditional payment networks and blockchain-based digital assets. Wyre offers easy-to-use APIs, a user-friendly dashboard, and a concierge OTC desk. Wyre also provides compliance and security solutions, such as KYC, KYB, sanctions screening, transaction monitoring, and authorization. Wyre is a regulated Money Service Business (MSB) founded in late 2013 and has offices in San Francisco, Hong Kong, and São Paulo.

Wyre supports various fiat and crypto currencies, such as USD, EUR, GBP, AUD, BTC, ETH, WETH, and DAI. Wyre also issues non-fungible tokens (NFT) to verified users on its platform. These tokens are similar to the blue checkmark on Twitter and are a first step towards bringing compliance on-chain. Users with these tokens can compliantly trade on a growing list of decentralized exchanges.

However, due to the downsize nature of cryptocurrencies industry in terms of poor market inflow and regulatory uncertainty, Wyre have announced its liquidation notice and wish to focus on other ventures, in a community note written to investors and customers it pointed out factors which forced it out of business and hope to return to the crypto industry when there is improvement on regulations and favorable market conditions.

Wyre: The End of an Era

It is with a heavy heart that we announce the closure of Wyre, one of the pioneers of crypto payments and fiat-to-crypto on-ramps. After almost 10 years of building and innovating in the crypto space, we have decided to wind down our operations due to the unfavorable market conditions and the financial challenges we faced.

Wyre was founded in 2014 with a vision to make crypto accessible and easy to use for everyone. We started as a peer-to-peer exchange platform that enabled users to buy and sell Bitcoin using bank transfers, credit cards, and other payment methods. Over the years, we expanded our services to include API solutions for businesses, wallets, and platforms that wanted to integrate crypto payments and offer their customers a seamless and secure way to buy, sell, and store crypto assets.

We are proud of what we have achieved and the impact we have made in the crypto industry. We have processed over $5 billion in transactions, served over 15,000 customers, and partnered with some of the leading names in crypto, such as Binance.US, MetaMask, Juno, and Bolt. We have also contributed to the development and adoption of cutting-edge technologies, such as the Lightning Network and stablecoins.

However, despite our best efforts and achievements, we could not overcome the challenges posed by the prolonged bear market and the regulatory uncertainty in the U.S. The crypto sector has been hit hard by the market slump and the crackdown by the SEC on various crypto companies and projects. Many of our partners and customers have also suffered or shut down as a result of these factors.

We tried to find a way out of this situation by seeking new funding sources and exploring acquisition opportunities. In fact, we were very close to being acquired by Bolt, a one-click checkout company, for $1.5 billion in September 2022. Unfortunately, the deal fell through at the last minute due to undisclosed reasons. Since then, we have been struggling to keep our operations running and our team intact.

We have reached a point where we can no longer sustain our business and fulfill our obligations to our stakeholders and customers. Therefore, we have made the difficult decision to shut down Wyre by the end of June 2023. This decision is not due to any regulatory agency direction or any legal issues. We are simply unable to continue operating under these circumstances.

We want to thank all of our customers, partners, investors, and employees for their support and trust over the years. You have been the driving force behind our success and innovation. We are deeply grateful for your loyalty and feedback. We also want to apologize for any inconvenience or disappointment this announcement may cause you. We hope you understand that this was not an easy decision for us.

If you have any assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, July 14th. After then, we will have a separate process to recover assets remaining on the platform. If you are interested in acquiring Wyre’s or its subsidiaries’ assets, please reach out to 88 Partners.

Wyre may be closing its doors, but we are not giving up on our vision and passion for crypto. We believe that crypto is the future of money and finance, and that it has the potential to transform the world for the better. We will continue to support and participate in the crypto community in any way we can. Wyre was more than just a company. It was a family, a movement, and an adventure. We are proud of what we have built and learned together. We are sad to say goodbye, but we are also excited for what lies ahead.