EmpireDAO, Wyre, Are the Latest Casualties Of Brutal Cyber Winter
The crypto winter is not slowing down and crypto payment companies Wyre, EmpireDAO and EmpireDAO are its latest victims. Wyre informed employees of its plans during the holiday period, while EmpireDAO will be looking to make a “clean exit” from Manhattan. Wyre to Shut Operations? Crypto and Web3 businesses are feeling the pinch as the ongoing crypto winter continues. Wyre, a crypto payments company, and EmpireDAO (a crypto coworking space that was once referred to as the WeWork for Web3) are the latest to be affected. Wyre was founded nearly a decade ago. Two former employees confirmed that Wyre planned to close its operations. One former employee claimed that Wyre was planning to liquidate the company and would end services as soon as the current month. Employees also revealed that the company had not offered them a severance package. Giannaros said that the company was still in operation and would be scaling back to plan the future. EmpireDAO Planning a Clean Exodus EmpireDAO announced the end of its tenancy in New York at 190 Bowery. Mike Fraietta founded the crypto co-working space. The building that houses its office was tapped to become WeWork of Web3. The company is already planning to move less than a year after it was founded. 1500 people have used the space at 190 Bowery, and 300 visitors visit it daily. Fraietta stated that the firm is looking to relocate elsewhere.
“We tried everything to get new sponsors, partnerships and even crowdfunding. We needed more support to sustain at 190 Bowery.
Last ditch effort to save its tenancy Fraietta even tried a last-minute crowdfunding campaign to raise 215 ETH ($260,000). The campaign received a disappointing response. The effort managed to mobilize 6.27ETH, or about $8100. The campaign failed to reach its target and the donations will be returned. The Future of EmpireDAO Fraietta stated that EmpireDAO will close its current location and that plans are in place to reopen at a different location for “Season 2.” Additionally, he mentioned plans for EmpireDAO pop ups at various crypto conferences as well as at this year’s SXSW, Austin, Texas. Many users of the Telegram chat received supportive messages after the announcement of EmpireDAO’s closing. One user wrote:
“Thank you for opening up the doors, literally and metaphorically, to so many peoples, projects, minds and movements.
Other companies feel the pinch The news about Wyre & EmpireDAO comes against a backdrop of a relentless crypto winter that has affected many other startups and seen capital dry-up. Solana, the underlying blockchain of many projects that worked on EmpireDAO has also suffered a significant loss, with its native SOL cryptocurrency falling nearly 90%. Midas, a crypto investment firm, announced it was closing down its DeFi platform following catastrophic losses in the Terra, Celsius and FTX crashes. Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.