Wyre winding down as crypto winter bites
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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 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.
(Reporting by Niket Nishant in Bengaluru; Editing by Pooja Desai)
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