The bear market continues to wreak havoc on the Web3 industry. Wyre, a specialist in cryptocurrency payment solutions, is in great financial difficulty according to some of its dismissed employees. We take stock of his situation.
Wyre could close its doors
For the past year, times have been tough for companies in the cryptocurrency sector: the list of firms that have gone out of business continues to grow day by day. Recently, the company Wyre, which specializes in payment infrastructures, told its employees that it will close its doors and that layoffs will be made.
Created in 2013 by Michael Dunworth and Yanni Giannaros, the company had managed to make an important place for itself in the cryptocurrency ecosystem, to the point of signing a $1.5 billion takeover deal with Bolt Financial in April 2022. In addition, Wyre completed 9 fundraisers between 2014 and 2021, for a total of $29.1 million raised.
Currently, two former Wyre employees have confirmed the liquidation of the Californian firm. One of them claims that the CEO of the company, Ioannis Giannaros, informed some employees by e-mail, during the holiday season, of the future liquidation of the company.
Moreover, among employees, the question is beginning to arise about their economic and professional future. A former Wyre employee said in particular that he had not had a proposal to receive severance paycausing concern among other licensees.
Finally, a former Wyre tech engineer spoke on LinkedIn. Revoked a few days ago he claims that in its current state, the Wyre company can no longer continue to be a profitable business. Faced with these rising voices, the CEO of the firm sent an email to his employees, without answering their questions:
“We are still in operation, but we will reduce our teams to plan our next steps. »
Since September 2022, Wyre has multiplied its announcements regarding the integration of its payment tools into the Web3 ecosystem : now, developers of decentralized applications (dApps) can integrate the company’s solutions on the Polygon, Algorand, and BNB Chain networks. But regarding the potential bankruptcy of the company, no official information has been shared by Wyre representatives..
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Source: Axios
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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