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Crypto Payments Platform Wyre Lifts 90% Withdrawal Cap

Wyre has abolished all account withdrawal limits just five days after imposing them.

After gaining new money, cryptocurrency payment provider Wyre has lifted the 90% withdrawal cap it imposed on its users earlier this week.

On January 13, the San Francisco-based fintech startup said that it had obtained funding from a “strategic partner,” allowing it to resume normal operations, including the re-acceptance of deposits.

“As a licenced financial institution, we’re proud that we were able to continue providing our services in a secure and sound manner without delaying withdrawals,” the company said.

Wyre implemented withdrawal limits on January 8, preventing consumers from completely emptying their accounts with a 90% withdrawal cap.

The restrictions were enforced just two days after former employees hinted at the prospect of the company’s closure. When explaining the withdrawal cap at the time, Wyre stated that it was in “the greatest interests of our community,” without going into additional detail.

However, according to the most recent update, Wyre has eliminated the cap and full withdrawals and deposits are now enabled after getting “extra money” from an unknown “strategic partner.”

“Effective immediately, we will resume accepting deposits and lift the 90% withdrawal limit.”

“This extra cash will enable us to continue delivering on our objective to simplify and modernise the global financial ecosystem,” the company said.

Wyre offers instant payouts, same-day transfers, direct-to-bank transfers, and cross-border payments in fiat and cryptocurrency. In April 2022, the company was purchased for $1.5 billion by the fintech startup Bolt.

The company, launched in 2013, has been feeling the pinch of the crypto bear market, as have many others. According to reports, it laid off 75 staff earlier this month.

Furthermore, worries have been raised about insolvency as stories of a possible shutdown in early January spread. The corporation, however, has refuted them, and today’s announcement indicates that its current status has improved.

On January 5, popular cryptocurrency wallet MetaMask announced the removal of Wyre from its mobile aggregator and browser extension.

 

 

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