Key takeaways:
- MetaMask cuts off Wyre’s Crypto Payment Service.
- Users of MetaMask can purchase crypto right from their online wallets.
Wyre has recently been removed from Metamask’s mobile wallet aggregator amid rumors that the cryptocurrency payment network is closing.
A mobile digital wallet that is decentralized and non-custodial called MetaMask lets users store, purchase, send, convert, and swap cryptocurrency assets. The Ethereum blockchain was utilized to build the cryptocurrency wallet, the globally most widely used cryptocurrency application.
Users may now purchase cryptocurrencies directly through its digital wallet after Wyre was removed from its mobile aggregator, according to a tweet from MetaMask on January 5. MetaMask said:
“We’re currently working on Extension removal and appreciate your patience.”
Before, the program allowed Metamask users to buy virtual currencies directly from its digital wallet.
Wyre recently began making layoffs, citing the volatile market and present pessimistic sentiment. Despite the CEO’s insistence that the business is cutting back, teamblind.com, a professional networking site, was used by the staff to establish that Wyre was not financially sustainable.
After being laid off, a former technical engineer at Wyre posted on LinkedIn about how sad he was. He condemned the business, saying its future financial viability was improbable.
Data from Crunchbase shows that Wyre was initially valued at $1.5 billion following a string of nine fundraising rounds. However, its performance was impacted by the recent lousy market and crypto collapse.
Even though Wyre has been removed from Metamask, the wallet provider still accepts payments by Transak, MoonPay, Sardine (in the US only), Apple Pay, Card, and bank transfers.
A US-based online e-commerce payment network called Bolt started preparing to buy the struggling business last year for an estimated $1.5 billion.
However, the team canceled the deal in September, preventing the acquisition.
Wyre is one of the businesses that has suffered because of the bear market. In 2022, the bankruptcy of Voyager digital and 3AC also left employees in disarray.
Wyre is a big cryptocurrency payment company that was almost purchased for $1.5 billion last year. Wyre was founded in San Francisco in 2013. Bolt’s American e-commerce firm will purchase Wyre in April 2022.
During the year’s brutal crypto lousy market, Bolt finally decided to terminate the contract in September 2022.
