After securing additional funding, Wyre, a crypto payment platform, has lifted the 90% withdrawal limit that it had placed on its users earlier in the week.
On Jan. 13, the San Francisco-based fintech firm announced that it had received financing from a “strategic partner” that allows it to continue the normal course of operations, including re-accepting deposits again.
“As a regulated financial institution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals” it 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
Wyre established withdrawal limits Jan. 8, restricting customers’ ability to empty their accounts completely with a 90% withdrawal limit.
The limits were imposed just two days after former employees hinted at the possibility of the firm’s shutdown. Explaining the withdrawal cap then, Wyre said it was in “the best interest of our community,” without divulging further.
However, as of the latest update, Wyre says it has now removed that cap and full withdrawals and deposits are permitted again 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 deliver on our mission to simplify and revolutionize the global financial ecosystem,” it added.
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Wyre offers real-time payouts and transfers in real time, as well as direct-to-bank transfers and cross-border payments in fiat or crypto. Bolt, a fintech firm, bought Wyre for $1.5 million in April 2022.
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The company was founded in 2013 and has been feeling the pinch like many others in crypto bear markets. According to reports, it laid off 75 employees earlier in the month.
Concerns have also been raised about insolvency after reports circulated about a possible shutdown in January. However, the company has denied them and today’s announcement suggests that its current situation has improved.
Popular crypto wallet MetaMask ended all ties with Wyre when it announced on Jan. 5 that Wyre was being removed from its mobile platform and browser extension.