Jan 3, 2023 - Economy

Crypto firm Wyre winding down after failed Bolt deal

Social media payment. hands out

Illustration: Aïda Amer/Axios

Wyre, the crypto payments company once valued at $1.5 billion, has told employees that it is shutting down.

Why it matters: The company is yet another victim of the crypto crash and broad market slump.

Details: “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,” CEO Ioannis Giannaros wrote in an email to employees, a portion of which was seen by Axios.

  • One former employee said they have not yet been informed of a severance package and that other workers are concerned that there will be none at all.
  • On Dec. 31, former employee Michael Staib posted on LinkedIn about getting laid off, writing: "#Wyre won’t continue as a profitable business."

What they're saying: Giannaros told Axios via email: "We’re still operating but will be scaling back to plan our next steps." He did not comment further about the company's shutdown.

Flashback: Wyre was meant to be acquired by Bolt for $1.5 billion, but that deal was canceled in September.

Editor's note: This story has been updated with additional information.

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