Wyre is a crypto payment venture founded in 2013, and is now reported to be struggling. The challenges appear to be related to the fallout of FTX collapse and the overall economy of the crypto world. A recent salvage attempt by transport company Bolt fell through in what could have been a $1.5 billion buyout. The deal got cancelled in September 2022.
Wyre counts over 15K followers on its Twitter channel. In a recent series of tweets on January 7, it left updates on the current situation. In a recent move, popular crypto wallet MetaMask has removed Wyre from its aggregators list.
We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits.
— Wyre 🔊 (@sendwyre) January 7, 2023
Wyre has gone through nine funding rounds, totalling US$29.1 million (Crunchbase data). The reports of its challenging situation came from unknown sources, probably employees and internal emails. The upshot of this was speculation in the end of December that Wyre may cease to be profitable.
An update from Wyre said they are still functional.Share & like