As the bear market continues to hit hard, Wyre, a cryptocurrency payment firm, may cease operations, amid staff layoffs, according to a report from Axios.
People familiar with the situation said that Ioannis Giannaros, the CEO, informed staff of the development. As revealed, the CEO sent a mail to employees stating that the company would liquidate, thus going to terminate their services this month. According to reports, the CEO said in another email that the firm is still operating but scaling back to plan what to do next.
Some staff members, however, complained about the firm’s decision to consider a sudden layoff. They cited how the firm didn’t offer any compensation, pointing to a possible scenario in which Wyre might be liquidating. An employee took to LinkedIn to confirm the development.
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