MetaMask, one of the most prominent and highly adopted cryptocurrency wallet providers has made an announcement pertaining to Wyre.
The wallet provider has announced that it is no longer going to provide support to the cryptocurrency payment platform.
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Why the Decision?
The officials at MetaMask have also provided the reason behind their immediate decision to dis-link themselves from Wyre.
As per the recent communications from MetaMask, Wyre has hinted that it is in the process of shutting down its operations. Therefore, it is no longer feasible to provide its services to the particular platform.
The recent downfalls in the cryptocurrency market have made all cryptocurrency firms and investors very vigilant and cautious about such activities.
Any firm that is on the verge of shutting down is bad news for investors. Therefore, investors try their best to withdraw their funds and investments from particular platforms.
They want to make sure that they do not end up facing any kind of losses. Similarly, any service providers linked with such platforms also come under great threat and pressure.
It is understandable why MetaMask has made the decision to completely disconnect itself from Wyre.
MetaMask’s Twitter Announcement
On January 5, the officials at MetaMask made a public announcement confirming that they are removing their support for the particular platform.
The Wyre platform has been available through the mobile aggregator of MetaMask for a while. Following the announcement, the platform is no longer going to be on MetaMask’s mobile aggregator.
Through the aggregator, the users are able to purchase cryptocurrencies. The users are able to do it directly through the digital wallet access granted to them by MetaMask.
The officials also communicated that they are in the process of removing all the functions and accesses that were available for Wyre.
They advised that the removal may take some time so the users will need to be patient. They have advised them not to interact with any services or features offered through Wyre.
No Changes for other Applications
As per the officials, the decision of removal is only for Wyre and the rest of the applications will be allowed to operate as normal.
MetaMask reportedly offers a number of applications that users can access through its mobile aggregator. These applications include Sardine, MoonPay, and Transak, and act as payment gateways.
The wallet provider has confirmed that the services available through the mobile aggregator include transfers, bank cards, and Apple Pay.
The announcement by Ioannis Giannaros
The main cause that led to MetaMask taking such a decision was the recent communication made by Ioannis Giannaros, Wyre’s CEO to his employees.
In the communication, Giannaros confirmed that for now, they are continuing with their operations. However, they do not know how things are going to be in near future.
He hinted that they may have to shut down their operations if they keep facing operational issues. He made it clear that they may have to unwind their business if things do not work out.
In his announcement, Giannaros talked about assessing the situation for two weeks to see how things work out.
MetaMask officials are yet to make any public announcement or comment after their initial announcement on the matter.
Although several cryptocurrency news reporting firms have tried to approach the firm it is yet to respond to any requests.
It was the year 2013 when Wyre was launched in San Francisco. Until the end of 2022, Wyre had provided its services as a major payment firm for cryptocurrencies.
Things have not been working out well for the company for a while and last year, it did not land a deal for its acquisition. The deal for the acquisition of Wyre for $1.5 billion fell through in 2021.
The deal was to take place between Wyre and Bolt but it was never finalized.