A cryptocurrency payments company is reportedly shutting down after a $1.5 billion deal fell through.
According to a new Axios report, crypto payments company Wyre is closing down after Bolt Financial, a software development firm, reneged on its acquisition deal.
It’s unclear whether Wyre’s closure is related to the deal falling through.
“We’ll continue to do everything we can,” Wyre CEO Ioannis Giannaros said in an email to employees obtained by Axios, “but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks.”
According to a recent press release, Bolt’s proposed acquisition, which was initially agreed to in April 2022, was mutually canceled. Despite the fact that the deal was canceled in September, the companies were able to reach an agreement on a separate agreement that incorporates Wyre’s one-click solution into Bolt’s customer platform.
A former employee told Axios that Wyre has yet to offer severance packages and that other employees believe they will never do so.
According to the report, a former Wyre employee posted on social media giant LinkedIn last week that he was laid off and that he didn’t believe Wyre would continue to be profitable.
Giannaros tells Axios in an email that the firm will not close down immediately, but will scale back operations while they plan the next steps.
