Wyre
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Wyre supplied infrastructure for cryptocurrency payments, conversion and custody.
02 / Wyre FAILURE REASONS
Failure reasons
The company attributed its wind-down to market conditions and protecting customers and stakeholders. It explicitly said that the decision was not ordered by a regulator. The previously proposed acquisition by Bolt did not complete.
03 / EVENT HISTORY
Events in the structured record
- Bolt acquisition cancelled
The proposed acquisition announced in April was scrapped in September.
- Wind-down announced
In June Wyre announced winding down and provided a withdrawal period for customers.
- Withdrawal window extended
A 14 July update extended the wind-down window to 31 July.
- Customer base acquisition announced
A February company update reported RockWallet’s acquisition of the customer base and a migration offer.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Company cited unfavorable market conditions
- 02
Chose to end its independent service
- 03
Provided customer withdrawal and migration arrangements