– Crypto firm Wyre is shutting down operations in the first quarter of 2023.
– This follows a broad market slump and crumpling of cryptocurrencies in 2022, leading to layoffs at the end of the last year.
– Wyre’s CEO Ioannis Giannaros has confirmed they are still operating but will be scaling back to plan their next steps.
Crypto firm Wyre is making the decision to shut down its operations in the first quarter of 2023. The company, which has operated since 2013 and was focused on blockchain-based payments transfer, had been struggling in the last year due to the broad market slump and crumpling of cryptocurrencies. This had unfortunate consequences for the company, leading to layoffs at the end of the last year.
Wyre’s CEO Ioannis Giannaros has confirmed the news, saying that the company is still operating but will be scaling back to plan their next steps. He communicated this news to the company’s employees during the holiday season, with the plans for a liquidation and dissolution of operations in January 2023. The situation has been further confirmed by former personnel of Wyre, who spoke to Axios about the closure. One of them said that the company had yet to offer them severance packages after their layoffs.
To further raise awareness of the situation, technical engineer Michael Staib who had also been laid off, took to LinkedIn to decry Wyre’s business practices. He argued that the company had not been transparent with its employees, and that the company had put in place a policy of not offering severance packages to employees it laid off even though they had been working with the company for years.
The news of Wyre’s closure has come as a shock to the industry, as the company had been seen as a leader in the blockchain-based payments transfer space. The company had been working on a new payments product, but it is uncertain whether that will be able to launch now that the company is winding down. It is also uncertain what will happen to the company’s assets, and whether the company will be able to provide its employees with severance packages.