Crypto payments platform Wyre lifts 90% withdrawal cap

Crypto outgo level Wyre has lifted the 90% withdrawal bounds it placed connected its users earlier this week aft securing further funding. 

On Jan. 13, the San Francisco-based fintech steadfast announced that it had received financing from a “strategic partner” that allows it to proceed the mean people of operations, including re-accepting deposits again.

“As a regulated fiscal institution, we’re arrogant that we were capable to proceed delivering our services successful a harmless and dependable mode without pausing withdrawals” it added.

Hey Wyre assemblage – we’re excited to stock that contiguous we received financing from a strategical spouse that allows america to proceed our mean people of operations.

— Wyre (@sendwyre) January 12, 2023

Wyre acceptable withdrawal limits connected Jan. 8 restricting customers from emptying their accounts wholly with a 90% withdrawal cap.

The limits were imposed conscionable 2 days aft erstwhile employees hinted astatine the anticipation of the firm’s shutdown. Explaining the withdrawal headdress then, Wyre said it was successful “the champion involvement of our community,” without divulging further.

However, arsenic of the latest update, Wyre says it has present removed that headdress and afloat withdrawals and deposits are permitted again aft receiving “additional capital” from an unnamed “strategic partner.”

“We volition resume accepting deposits and assistance the 90% withdrawal bounds effectual immediately.”

“This further superior volition assistance america proceed to present connected our ngo to simplify and revolutionize the planetary fiscal ecosystem,” it added.

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Wyre provides real-time payouts, same-day transfers, direct-to-bank transfers, and cross-border payments successful fiat and crypto. The institution was acquired by fintech steadfast Bolt for $1.5 cardinal successful April 2022.

Related: Cryptocurrency is headed toward surviving its archetypal age

The company, founded successful 2013, has been feeling the compression similar galore others successful the crypto carnivore market. It laid disconnected 75 employees earlier this period according to reports.

Furthermore, concerns person been raised implicit insolvency as reports circulated regarding a imaginable shutdown successful aboriginal January. However, the institution has denied them and today’s announcement suggests that its existent concern has improved.

Popular crypto wallet MetaMask severed ties with Wyre connected Jan. 5 erstwhile it announced the removal of the level from its mobile aggregator and browser extension.