Wyre has lifted the 90% withdrawal limit after securing financial support from a strategic partner.
On Jan. 13, the San Francisco-based fintech announced that it had secured funding from a “strategic partner” that will allow it to continue normal operations, including accepting deposits again. The firm reiterated that they are proud to continue providing services safely and securely without suspending withdrawals.
Wyre imposed withdrawal limits on January 8th, preventing customers from completely emptying their accounts. The restrictions came two days after former employees suggested the company could close. Explaining the payout cap, the company said it was in the best interest of our community, without elaborating on it.
However, as of the last update, the fintech company said that after securing additional capital from an unnamed strategic partner, it has now lifted the cap and is again allowing full withdrawals and deposits.
Recent Events About Wyre
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.
Founded in 2013, the company is feeling the pinch like many others in the cryptocurrency bear market. The company reportedly laid off 75 employees earlier this month. In addition, concerns about bankruptcy were raised when reports of a possible closure circulated in early January. However, the company denied them, and today’s announcement suggests an improvement in the status quo.
Popular crypto wallet MetaMask parted ways with Wyre when it announced Jan. 5 that it was removing the platform from its mobile aggregator and browser extensions.