Crypto payment company Wyre shuts down due to market conditions

Cryptocurrency payments firm Wyre is reportedly shutting down operations by the end of January due to the market downturn following the collapse of FTX.

According to Axios, two anonymous employees at the company have said that Wyre plans to liquidate the company and terminate services at the end of the month, although CEO Ioannis Giannaros has said that the company is “still operating but will be scaling back to plan our next steps.”

The company has not yet offered a severance package to its employees. Wyre has raised $29.1 million across nine funding rounds and was previously set to be purchased by transport company Bolt for $1.5 billion, but the deal was cancelled in September.

Founded in 2013, Wyre is the latest in a series of companies affected by the fallout from FTX’s collapse and broader macroeconomic conditions.