Wyre prepares to wind down operations as the cryptocurrency market faces challenging times

Wyre, a prominent cryptocurrency infrastructure provider, has made the difficult decision to wind down its operations amidst the challenging conditions of the cryptocurrency market. This move comes as the industry experiences a decline in interest, dampening the once optimistic outlook for digital finance.

The announcement of Wyre’s winding down was made via a tweet on Friday, following the cancellation of Bolt Financial’s planned acquisition of the company, which was valued at $1.5 billion.

Recent events in the digital asset market, such as the high-profile bankruptcy of FTX, as well as legal actions taken by the U.S. securities regulator against Binance and Coinbase Global, have further contributed to the unfavorable climate for cryptocurrency businesses.

Importantly, Wyre clarified that its decision was not a result of regulatory actions. The company assured investors that any assets held on its platform could be withdrawn through its dashboard until July 14, providing an avenue for them to manage their holdings.