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Wyre said to be close to shutdown

Wyre said to be close to shutdown

Wyre, a crypto payment firm that came close to being acquired for $1.5 billion last year, is on the brink of liquiditation, according to reports.

In operation since 2013, Wyre agreed a $1.5 billion sale to online checkout company Bolt in April last year. The deal was abandoned in September during the tech stock bonfire, which saw Bolt lay off a third of its staff.

Two former personnel of Wyre confirmed the looming shutdown in a conversation with Axios. One of them said that Wyre CEO Ioannis Giannaros emailed over the holiday session about a planned liquidation and dissolution of operations of in January 2023.

Another employee went public on his thoughts about the fate of the company on LinkedIn:
The shutdown has not been confirmed officially. Wyre chief Giannaros told Axios: “We’re still operating but will be scaling back to plan our next steps.”

Comments: (2)

A Finextra member
A Finextra member 04 January, 2023, 14:51Be the first to give this comment the thumbs up 0 likes

Well, this may say a lot about the valuations thrown around at the heights of a bull market........ as well as the underlying value of the true 'assets' of a crypto exchange....  what if we built a railroad and there were no trains? 

Ingus Linkevics
Ingus Linkevics - Fairmay Ltd - London 09 January, 2023, 10:30Be the first to give this comment the thumbs up 0 likes

Valuations aer too high for many, and those who get valued higher than they should and get those nice offers in should rethink opportunities as they arise.

Slightly related comes to mind a case 15+ years ago (before Booking.com and AirBnb era) when a hotel owner was offered 8 mil for one hotel. Nose up in the air and declined that. Couple of years later went on to sell for mere 2 mil.