Crypto Payments Platform Wyre Removes 90% Withdrawal Limit

  • On January 8th, Wyre instituted a 90% withdrawal threshold.
  • In April 2022, financial technology firm Bolt paid $1.5 billion to purchase the business.

Wyre, a cryptocurrency payment platform, has secured additional funding, allowing it to remove the 90% withdrawal cap it imposed earlier this week. The San Francisco fintech company stated on January 13 that it had acquired funding from a “strategic partner,” allowing it to resume business as usual, including taking deposits once again. 

On January 8th, Wyre instituted a 90% withdrawal threshold that prevented consumers from completely draining their accounts.

Limits were put in place only two days after former workers raised the spectre of the company closing. Wyre previously explained the withdrawal limit by saying it was in “the best interest of our community,” but it did not provide any further details.

Undisclosed Strategic Partner

Wyre had previously placed a limit on deposits and withdrawals, but the company recently announced that it had lifted that restriction thanks to “additional capital” from an undisclosed “strategic partner.”

Instant payouts, same-day transfers, direct-to-bank transfers, and international payments in fiat and cryptocurrency are all available via Wyre. In April of 2022, financial technology firm Bolt paid $1.5 billion to purchase the business.

The firm, which began operations in 2013, is suffering with many others in the current cryptocurrency bear market. Earlier last month, the company reportedly terminated the jobs of 75 workers.

Additionally, speculations of possible closure in early January have sparked worries about bankruptcy. The corporation has rejected these claims, and the news released today indicates that things are looking well for the company.

On January 5th, popular cryptocurrency wallet MetaMask stated it will no longer integrate Wyre into its mobile aggregator or browser extension.

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Crypto Payments Platform Wyre Imposes 90% Withdrawal Cap

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.