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Illustrated by Aida Amer/Axios
Wyre, a cryptocurrency payments company founded in 2013, has told employees it will be closing amid layoffs, Axios has learned.
Important reasons: The broader market downturn combined with the collapse of cryptocurrency activity has caused a shakeout among some struggling companies.
detail: Two former employees confirmed the news of the closure, one said CEO Ioannis Giannaros informed them in an email over the holiday season that the company was going into liquidation and plans to end service in January 2023. pointed out.
- One person told Axios that the company doesn’t. yet Offering a severance package has raised concerns among former workers that they may not have one at all.
- On Dec. 31, another employee posted on LinkedIn about the layoffs, writing, “#Wyre cannot continue as a profitable business.”
- However, Giannaros told Axios in an email, “We are still up and running, but will scale back to plan our next steps.” He did not immediately respond to requests for further comment based on the employee’s allegations.
Flashback: Bolt previously announced it would buy Wire for $1.5 billion, but the deal was canceled in September.
By numbers: Wyre has raised $29 million in nine funding rounds, according to Crunchbase. Its backers include Samsung Next Ventures, Pantera Capital and Stellar Development Foundation.
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