The crypto payment platform Wyre has lifted the 90% withdrawal limit it imposed on users earlier this week after securing additional funding.
On January 13, the San Francisco-based fintech firm announced that it had received funding from a “strategic partner” that allowed it to continue with the normal course of its operations.including re-accepting deposits.
“As a regulated financial institution, We are proud that we were able to continue to provide our services securely and without interrupting withdrawals,” he added.
Hey Wyre community – we’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations.
—Wyre (@sendwyre) January 12, 2023
Hello Wyre Community, we are excited to share that today we received funding from a strategic partner that allows us to continue our normal course of operations.
Wyre set withdrawal limits on January 8, restricting customers from completely emptying their accounts.
The limits were imposed just two days after former employees hinted at the possibility of the company closing. Explaining the withdrawal limit, Wyre said it was “in the best interest of our community,” without elaborating.
However, as of the last update, Wyre says it has now removed that limit and full withdrawals and deposits are again allowed after receiving “additional capital” from an unnamed “strategic partner.”
“We will resume accepting deposits and lift the 90% withdrawal limit effective immediately.”
“This additional capital will help us continue to fulfill our mission to simplify and revolutionize the global financial ecosystem,” he adds.
Wyre offers real-time payments, same-day transfers, direct bank transfers, and cross-border payments in fiat and cryptocurrencies. The company was acquired by fintech firm Bolt for $1.5 billion in April.
The company, founded in 2013, has suffered like many others in the cryptocurrency bear market. Earlier this month it laid off 75 employees, according to reports.
In addition, concerns have been raised about insolvency, as reports of a possible closure circulated in early January. Nevertheless, the company has denied them and today’s announcement suggests that its current situation has improved.
The popular cryptocurrency wallet MetaMask severed ties with Wyre on January 5, when it announced the platform’s removal of its mobile aggregator and browser extension.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.