• Wyre cryptocurrency payments firm is allegedly shutting down.

  • In September, Bolt dropped intentions to acquire the firm.

  • Former workers say the firm had not yet presented them with severance payouts.

Employees of Wyre, a cryptocurrency payments firm that was previously valued at $1.5 billion, have been informed that the business would soon be going out of business. The apparent shutdown of Wyre follows the decision made in September by another payments business, Bolt, to abandon its intention to buy Wyre.

Everyone on the shared Slack channel has been disabled, as stated by former employee JD Ross, the co-founder of the house-selling services, Opendoor.

However, Wyre CEO Ioannis Giannaros, says in a conversation with Axios that the company is “still operating” and is simply “scaling back.”

Reportedly, CEO Ioannis Giannaros later wrote to staff in an email;

We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks.

During an interview with Axios, two former employees of Wyre provided confirmation of the company’s impending closure. According to one of them, the CEO of Wyre kept some of the staff informed during the holiday period by emailing them. The email included details on the impending closure of Wyre’s business activities and liquidation in January 2023.

Former workers said that the corporation had not yet presented them with severance payouts after their termination from employment.

On LinkedIn, former employee Michael Staib, a technical engineer, sounded the alarm about Wyre. Staib was one of many employees who were let go. In a recent message, he expressed his disapproval of Wyre’s business, suggesting that the firm would not be able to maintain a lucrative venture in the future.

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