Crypto payments platform Wyre lifts 90% withdrawal cap

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Crypto payment platform Wyre has lifted the 90% withdrawal restrict it placed on its customers earlier this week after securing additional funding. 

On Jan. 13, the San Francisco-based fintech agency announced that it had acquired financing from a “strategic partner” that enables it to continue the normal course of operations, together with re-accepting deposits once more.

“As a regulated financial establishment, we’re proud that we have been in a place to continue delivering our providers in a secure and sound manner with out pausing withdrawals” it added.

Hey Wyre group – we’re excited to share that today we obtained financing from a strategic associate that permits us to proceed our regular course of operations.

— Wyre (@sendwyre) January 12, 2023

Wyre set withdrawal limits on Jan. 8 restricting prospects from emptying their accounts entirely with a 90% withdrawal cap.

The limits were imposed simply two days after former staff hinted at the possibility of the firm’s shutdown. Explaining the withdrawal cap then, Wyre mentioned it was in “the best interest of our neighborhood,” without divulging additional.

However, as of the newest update, Wyre says it has now eliminated 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 carry the 90% withdrawal limit efficient instantly.”

“This extra capital will assist us continue to deliver on our mission to simplify and revolutionize the worldwide financial ecosystem,” it added.

Cast your vote now!

Wyre provides real-time payouts, same-day transfers, direct-to-bank transfers, and cross-border funds in fiat and crypto. The company was acquired by fintech agency Bolt for $1.5 billion in April 2022.

Related: Cryptocurrency is headed toward surviving its first age

The company, founded in 2013, has been feeling the squeeze like many others within the crypto bear market. It laid off 75 staff earlier this month in accordance with reports.

Furthermore, issues have been raised over insolvency as reviews circulated concerning a potential shutdown in early January. However, the company has denied them and today’s announcement means that its present situation has improved.

Popular crypto pockets MetaMask severed ties with Wyre on Jan. 5 when it announced the elimination of the platform from its cellular aggregator and browser extension.

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