Investing
Wyre winding down as crypto winter bites
© Reuters. FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) – Cryptocurrency infrastructure provider Wyre is winding down, feeling the pinch of dwindling interest in a market that was once hailed as the next frontier of finance.
The decision, announced in a tweet on Friday, comes months after online checkout company Bolt Financial scrapped its planned $1.5 billion purchase of Wyre.
Since then, the digital asset market has seen a high-profile bankruptcy of crypto exchange FTX and lawsuits from the U.S. securities regulator against Binance and Coinbase (NASDAQ:) Global.
Wyre’s decision was not because of any regulatory action and investors who have assets on the company’s platform could withdraw them via its dashboard through July 14, it said.
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