Users can withdraw assets before July 14 after Wyre closes
Key Points:
- After a difficult year, the crypto payments company Wyre has announced that it will close soon.
- After the 14th of July, when users can withdraw their funds, the company will announce the procedure for recovering the platform’s remaining assets.
- After restricting customer withdrawals, the company announced in January that it was cutting costs and would be closing down.
Wyre, a crypto payments company, tweeted that the company will close soon due to market conditions. Users can now withdraw assets until July 14.
The company stresses that it will continue to safeguard the assets of its customers. Users who have assets on the Wyre platform will have until July 14 to withdraw those assets from the platform through the dashboard of the company. After that, a separate procedure will be used to recover assets that are still on the platform.
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Through Friday, July 14, you can withdraw assets held on the Wyre platform via the dashboard. After that, a separate procedure will be in place to retrieve any remaining platform assets. We will provide information about the procedure on our blogs and website.
According to previous reports, Wyre informed employees in January of this year that the business would be liquidated. However, Wyre later stated that the company could continue regular operations and remove the customer’s withdrawal limit because it had received financing from a strategic partner.
The current market crisis is cited as the cause of this action. The crypto industry has once again entered a cold winter as a result of the sudden and rapid collapse of FTX.
Wyre fired workers and informed them that the company was closing. It announced earlier this week that it would limit customer withdrawals to better prepare the business for any future industry upheaval and to continue operating despite financial difficulties.
Crunchbase says that the business has raised $29 million in nine funding rounds. Pantera Capital, Samsung Next Ventures, and the Stellar Development Foundation are among its backers.
