The 90% withdrawal limit that cryptocurrency payment firm Wyre had imposed on users earlier this week has been removed as a result of extra funding.
Hey Wyre community – we’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations.
— Wyre 🔊 (@sendwyre) January 12, 2023
Earlier this week, cryptocurrency payment firm Wyre imposed a 90% withdrawal limit on its users. However, after securing additional funding, the company has now removed this restriction.
On January 8, Wyre imposed withdrawal restrictions that prevented users from completely emptying their accounts. Today, the San Francisco-based fintech company announced that it had obtained funding from a strategic partner that would enable it to continue its operations as usual.
The withdrawal restrictions were implemented just two days after employees were informed of the potential closure of the company. At the time, Wyre explained that the withdrawal limit was for the benefit of its user community.
Wyre offers a variety of services, including same-day transfers, cross-border payments in both fiat and cryptocurrencies, direct bank-to-bank transfers, and real-time payouts.
In April 2022, fintech company Bolt planned to acquire Wyre for $1.5 billion in order to introduce its one-click checkout, authentication, payments, and fraud protection services to the cryptocurrency ecosystem and enable the purchase of NFTs and cryptocurrencies.
However, in September 2022, Bolt decided to terminate the acquisition and continue its existing business relationship with Wyre.
On January 5, Wyre was also dropped from MetaMask’s mobile aggregator and browser extension, officially ending their partnership.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
