- Wyre has relaxed its withdrawal limits policy after acquiring funds.
- The funds from an undisclosed partner will give the firm a fresh start.
- Earlier, there were reports of a possible shutdown of the crypto payments platform.
- Wyre nearly got a financial bailout of $1.5 billion from e-commerce firm Bolt.
Crypto payment firm Wyre announced today that it would relax its 90% withdrawal limits policy after receiving funds from a “strategic partner.”
The payment firm revealed that it would continue to operate normally and resume accepting deposits into its platform. However, the firm didn’t unveil the name of the strategic partner in question.
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As a regulated financial insitution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals. We will resume accepting deposits and lift the 90% withdrawal limit effective immediately.— Wyre (@sendwyre) January 12, 2023
Wyre disclosed that it’s working hard towards becoming a leading infrastructure provider that can help the entire ecosystem scale.
Recall that the withdrawal limit came into play a few days after reports of a possible shutdown surfaced. The firm explained that the decision was in the customers’ best interest.
Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem.— Wyre (@sendwyre) January 7, 2023
Wyre Struggled Before the Strategic Partner Funding
For most of last year, Wyre, like many other cryptocurrency firms, felt the harsh impact of the bear market. Early this month, the firm laid off 75 employees from its workforce. After hints about a possible shutdown surfaced, MetaMask removed Wyre from its mobile aggregator and browser extension.
Heads up - Wyre has been removed from our mobile aggregator. Please do not use Wyre.We're currently working on Extension removal and appreciate your patience. Transak, MoonPay, and Sardine (US-only) are still available on Apple (NASDAQ:AAPL) Pay, Card, and Bank transfers— MetaMask (@MetaMask) January 5, 2023
In an unprecedented change of scenario, the deal which could have been the biggest involving a cryptocurrency firm couldn’t materialize. The two firms intended to finalize the takeover deal by the third or fourth quarter of 2022, but the plan collapsed in September.
On the Flipside
- The crypto winter is not over yet. While some altcoins have surged recently, there are predictions of an impending recession. The community will be paying attention to how firms like Wyre stay afloat during the bear market.
Why You Should Care
The latest development benefits users who cannot access enough funds on the platform due to the withdrawal limit policy.
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