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Crypto payment platform Wyre lifted the 90% withdrawal limit it imposed on users earlier this week after securing additional funds.
On January 13, the San Francisco-based fintech company announced it had raised funding from a “strategic partner.” This will allow us to continue normal operations, including reaccepting deposits.
“As a regulated financial institution, we are proud to have been able to continue to serve our customers in a safe and sound manner without suspending withdrawals,” he added.
Hey Wyre Community – Today we are pleased to announce that we have received funding from our strategic partners and are now able to continue normal operations.
— Wire (@sendwyre) January 12, 2023
Wyre set a withdrawal limit on January 8th, restricting customers from completely emptying their accounts with a withdrawal limit of 90%.
The restrictions came just two days after a former employee hinted that the company might shut down. Explaining the cap on the withdrawal, Wyre said it was “in the best interest of our community,” but declined to reveal more.
However, as of the latest update, Wire said that capped and full withdrawals and deposits were once again allowed after receiving “additional capital” from an unnamed “strategic partner.”
“We will resume accepting deposits and lift the 90% withdrawal limit immediately.”
“This additional capital will help us continue our mission to simplify and revolutionize the global financial ecosystem,” he added.
Wyre offers real-time payments, same-day transfers, direct-to-bank transfers, and cross-border payments in fiat and cryptocurrencies. The company was acquired by fintech firm Bolt for his $1.5 billion in April 2022.
Related: Cryptocurrencies Are Headed To Survive The First Era
Founded in 2013, the company is feeling the pressure like many others in the cryptocurrency bear market. The company reportedly laid off 75 employees earlier this month.
Additionally, widespread reports of a possible shutdown in early January have raised concerns about insolvency. However, the company has denied them, and today’s announcement suggests that the current situation has improved.
Popular cryptocurrency wallet MetaMask cut ties with Wyre on Jan. 5 when it announced it would be removing the platform from its mobile aggregator and browser extension.
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