Wyre winding down as crypto winter bites

(Reuters) – Cryptocurrency infrastructure provider Wyre is winding down, feeling the pinch of dwindling interest in a market that was once hailed as the next frontier of finance.

The decision, announced in a tweet on Friday, comes months after online checkout company Bolt Financial scrapped its planned $1.5 billion purchase of Wyre.

Since then, the digital asset market has seen a high-profile bankruptcy of crypto exchange FTX and lawsuits from the U.S. securities regulator against Binance and Coinbase (NASDAQ:) Global.

Wyre’s decision was not because of any regulatory action and investors who have assets on the company’s platform could withdraw them via its dashboard through July 14, it said.