Wyre Lifts Withdrawal Limit, Confirms Arrangement Of Additional Funds

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Wyre, a cryptocurrency payment platform has made a major announcement pertaining to the withdrawals limit.

The announcement is pertaining to lifting the cap off the withdrawal limit. Previously, the firm had announced that they had imposed a 90% cap on the withdrawal limits.

The firm has just shared an update that is no less than joyful news for the users where it has confirmed that the withdrawal cap has been lifted.

Wyre has confirmed that they have successfully secured additional funds and the situation is now in their favor. With the additional funds they needed, they lifted the cap they had to impose on the withdrawals.

The announcement by Wyre on Jan. 13

On January 13, the officials at Wyre confirmed that they had been in talks with one of their strategic partners about the financial funding of their firm.

The talks have gone successful and they have been able to secure significant funding from the partner. This is very promising for their firm as they have the necessary funds to keep the ball rolling.

They will be able to run their operations running as normal and things are now back to normal. The firm has even re-enabled the deposit feature that they had revoked due to the financial crisis.

The firm addressed all the users and stakeholders, thanking them for their patience and support. They stated that they are proud that they have managed to make it happen to continue running their operations.

They will continue delivering their services and provide a sound and safe environment to the users. The users will no longer have to wait for their withdrawals to be approved as the cap has been removed.

When was the Limit Imposed?

It was back on January 8, when the teams at Wyre had imposed the limit on the withdrawals. The firm was facing a financial crisis and things went crazy when the users got to learn about it.

Just when the reports came out, the users started to withdraw their funds on a large scale. Wyre was extremely concerned about this and was afraid that the users will completely empty their accounts.

Therefore, they decided to limit the withdrawals carried out by the users. The withdrawal limits were set to 90% of the total funds held by the users in the particular accounts.

It was communicated that it was in the better interest of the entire Wyre community. Now that the matter is resolved, the cap is removed and the users can withdraw all of their funds if they like.

However, they have clarified that they will be able to run their operations without any interruption. This is very significant for the company and its users that things are finally back on track.

The officials have not shared the name of the particular partner that they are referring to as the “strategic partner”. More information may be shared about the mystery partner in the near future.

Wyre has gone through several developments in the year 2022 that ended up causing the firm to face a financial crisis.

It was reportedly acquired by Bolt, a major fintech firm back in April 2022 for a whopping $1.5 billion.

It was founded back in 2013 and has been around offering cross-border payments, direct-to-bank transfers, same-day transfers, and real-time payouts.

Just like other firms from the crypto industry, Wyre has been facing a downtrend. The firm’s performance has faced a major decline and in the year 2022, it had to make the difficult decision of laying off 75 employees.

The company hopes that the latest announcement is going to bring their business back to normal. Their investors and users will continue returning and things will get back to normal.

It may take time for the firm to rebuild its reputation and customer base because it has lost many supporters and partners due to the recent developments.

MetaMask, a major wallet provider had removed Wyre from the browser extension and the mobile aggregator.

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