Crypto payments company Wyre’s is reportedly set to liquidate and shut its operations down. Following a slew of layoffs at Wyre, its CEO confirms “scaling back.” Established in 2013, Wyre enables secure crypto-fiat experiences. Working towards the crypto infrastructure of the new economy, two former Wyre employees confirmed Wyre’s shutdown.
One among the former employees has reportedly also stated that Wyre CEO, Ioannis Giannaros, communicated via email about the liquidation. Wyre’s services’ termination is reported to have been scheduled for January 2023. Another Wyre employee reports there is still no severance package mentioned by Wyre. Former Wyre employees have begun to worry that a severance package might not be offered at all.
On December 31, a Wyre employee’s LinkedIn post revealed a lay-off. He states,
Wyre won’t continue as a profitable business.
Wyre CEO is reported to have stated,
We’re still operating but will be scaling back to plan our next steps.
But Wyre employees’ claims are yet to be corroborated by Wyre CEO.
In related Wyre news, digital checkout startup Bolt Financial had recently stalled a potential Wyre acquisition valued at $1.5 billion. In nine funding rounds, Wyre reportedly raised $29 million. Wyre is backed by Samsung Next Ventures, Pantera Capital, and Stellar Development Foundation.
In recent times, various crypto entities have announced layoffs. Swyftx (35%), Kraken (30%), Bybit (30%), Lemon Cash (38%), and Amber Group (40%) have reportedly laid-off their staff. Other laying-off crypto entities include Unchained Capital (15%), Coinbase (60 layoffs), Meta (13%), Mythical Games (10%), Stripe (14%), BitMEX (20%), Galaxy Digital (170 layoffs), and more.
