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Wyre to continue to operate – explores options

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wyre-to-continue-to-operate-–-explores-options
Wyre to continue to operate - explores options

Beleaguered crypto payments provider Wyre is continuing to operate. The company is exploring strategic options and has set customer withdrawal limit to 90%.

After reports that Wyre was winding down its business, with its CEO Ioannis Giannaros, saying that the company was preparing for liquidation and that it would be potentially closing at the end of January, Tweets by Giannaros have appeared that suggest that Wyre could continue to operate.

Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem.

— Wyre 🔊 (@sendwyre) January 7, 2023

Exploring options

The fact that Wyre is “exploring strategic options”, and wants to “deliver on [its] mission to simplify and revolutionise the global payments ecosystem”, is not compatible with the earlier reports that the company was looking to liquidate and close down the business.

In another hint that Wyre would not be ending operations, the final tweet to the community stated that Wyre would continue to operate and that it would “pursue options that would enable Wyre to flourish”.

“We sincerely appreciate the support and positive sentiments from our community as well as the crypto ecosystem at large as we pursue options that will enable Wyre to flourish. Our operations continue and we will share information with the community as it is available.”

Changes to management structure

In the same tweet thread it was explained that Giannaros would be transitioning into the new role of Executive Chairman, and that Stephen Cheng, the former Chief Risk Officer, and Chief Compliance Officer, would become the interim CEO.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Piere Stevenson

Total convert to crypto and blockchain. As a content writer I research and write about various projects in the cryptoverse.

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