Key Points:Cryptocurrency firm Wyre admits close employees who were laid off after downsizing its operations.
The company had planned to cease providing services in this month.
The company is still small and is preparing for the next steps.
Wyre, a cryptocurrency company, admits that it has close to 100 employees. Axios has received confirmation from two former employees of Wyre that they will be closing down due to layoffs. One employee noted that Ioannis Giannaros, CEO of the company, had sent several emails over the holiday advising them that they would be liquidating and retiring. He also stated that Wyre will no longer be a profitable company. Giannaros replied via email that he was still working, but that he would be scaling back to plan the next steps. The sudden and dramatic collapse of FTX has plunged the crypto market into a cold winter. Blockfi, a major crypto company, had to file for bankruptcy just after the collapse. According to Crunchbase Wyre has raised $29M in nine funding rounds. Its backers include Samsung Next Ventures, Pantera Capital, and the Stellar Development Foundation.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoCrypto Crisiscrypto winterWyre