Metamask announced to suspend Wyre services since Wyre is going to shut down its operation. Observing the situation, Metamask acts quickly and warns people not to use Wyre. They already removed Wyre payment options from the mobile aggregator. Now they are working on removing it from the extension.
In a bear market, if you look at any businesses, they are dealing with challenging situations. No business wants to stop its operation and shut down everything. Every business tries its best to sustain and survive.
In a bull market, you may not realize how strong a business venture is. But as soon as the situation changes and crypto winter shows its true color, many crypto-related companies go out of business.
Wyre provides simple and secure services for fiat to crypto onramps. CEO of Wyre wanted to scale back the company, but it does not end up well. It took initiative to reduce the cost and keep running its operation. They laid off their workforce and tried other possible options to survive.
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Unfortunately, because of the macroeconomic factors and the harsh reality of the bear market, it become way difficult to face challenging situations. A US-based online e-commerce payment platform Bolt planned to acquire Wyre for a cost of $1.5 billion. But the acquisition did not through in the end.
Finally, Wyre is going to shut down its operation. And everyone who works in the company loses their job. This is terrible. Sorry to see a similar situation in many companies. The present situation affects everyone directly or indirectly.
Metamask stops supporting Wyre services but people can use other payment options like Transak, MoonPay, Sardine (in the US), Apple Pay, Card, and bank transfers. Keep an eye on the market and stay up-to-date so that you can make the right decision in time.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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It's too bad to see a service disappear because it serves as an on and off-ramp into crypto. I thought the acquisition would have gone through but I guess all the FUD about crypto might have destroyed it.
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This bear market really hits hard. Now the BTC price spikes. If the crypto market makes its move in a positive direction, a lot of things will change.
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