Cryptocurrency payment platform Wyre has removed the 90% withdrawal limit it imposed on consumers about five days earlier.
San Francisco-based fintech company Wrye claimed on January 13 that it has acquired funding from a “strategic partner” that enables it to go on with business as usual, including once again taking deposits.
The statement continued, “As a licensed financial institution, we’re delighted that we were able to keep providing our services in a secure way without halting withdrawals.
On January 8, Wyre imposed withdrawal limits that prevented consumers from completely emptying their accounts.
Just two days after former workers raised the prospect of the company’s closure, the restrictions were put in place. Wyre gave a brief explanation of the withdrawal limit at the time and said that it was “in the greatest interest of our community.”
According to the most recent update, Wyre claims that after acquiring “more funding” from an undisclosed “strategic partner,” the limit has now been lifted and full withdrawals and deposits are once again allowed.
“We will resume accepting deposits and lift the 90% withdrawal limit effective immediately.”
This new funding will enable us to carry out our aim to transform and simplify the global financial environment, it was said.
Real-time payouts, same-day transfers, direct-to-bank transfers, and international payments in fiat and cryptocurrencies are all offered by Wyre. Fintech startup Bolt paid $1.5 billion to purchase the business in April.
The 2013-founded business is struggling, much like many others in the bear market for cryptocurrencies. According to rumors, it let go of 75 staff earlier this month.
Additionally, there have been worries about bankruptcy due to rumors of a possible closure in early January. The corporation has refuted them, however, and today’s news seems to indicate that things are better now.
On January 5, the well-known cryptocurrency wallet MetaMask stated that it was dropping Wyre from both its browser extension and smartphone aggregator.
