US-based crypto payments platform Wyre has announced it is terminating its services in January 2023 after a failed acquisition with Bolt in September 2022. Crypto payments and infrastructure provider company Wyre is shutting down, months after Bolt Financial scrapped a USD 1.

5 billion deal to buy the firm. Wyre was first founded in 2013 and had raised a total USD 29. 1 million across nine rounds of funding.

Some of its investors include Pantera Capital, Stellar Development Foundation, and Amphora Capital. It is reported that company officials sent an email during the holiday season informing team members that Wyre would liquidate and terminate its offerings in January 2023. It is alleged that no severance will be provided to employees.

Market volatility influenced the decision The CEO stepped down from Wyre and cashed out 12. 5% of his holdings at the company soon after tech platform Bolt failed to acquire the company in September 2022. According to company representatives, crypto market volatility and general market conditions in tech had been one of the main reasons for the deal falling through.

Wyre’s now-failed acquisition had been considered monumental, as the USD 1. 5 billion valuation would have been one of the largest non-SPAC deals. The payments platform’s decision to shut down operations may signify the prolonged crypto winter ahead.

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