San Francisco-based crypto payments firm Wyre has announced that it has begun the process of winding down its operations. It also noted that interested parties could begin inquiries about purchasing the firm’s assets. The firm cited challenges arising from the prolonged bear market and not due to the regulatory conditions prevailing in the US markets. Wyre announced its decision to shutter operations in a tweet on Friday. The decision comes a few months after Bolt Financial canceled its planned $1.5 billion purchase of the crypto payments firm. Since the cancellation of the purchase, the digital asset markets have seen a number of high-profile bankruptcies.
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