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Crypto Payments Platform Wyre Lifts 90% Withdrawal Cap

Crypto payment platform Wyre has lifted the 90% withdrawal limit it imposed on its users earlier this week after securing additional funding.

On Jan. 13, the San Francisco-based fintech announced that it had received “strategic partner” funding that allows it to continue normal operations, including re-accepting deposits again.

“As a regulated financial institution, we are proud that we have been able to continue to provide our services in a safe and sound manner without interrupting withdrawals,” he added.

Wyre set withdrawal limits on January 8, preventing customers from entirely emptying their accounts with a 90% withdrawal limit.

The limits were imposed just two days after former employees hinted at the possibility of the company closing. Explaining the withdrawal cap then, Wyre said it was in “the best interests of our community,” without disclosing further.

However, as of the last update, Wyre says it has now removed this cap and full withdrawals and deposits are allowed again after receiving “additional capital” from an unnamed “strategic partner”.

“We will resume accepting deposits and lift the 90% withdrawal limit with immediate effect.”

“This additional capital will help us continue to fulfill our mission to simplify and revolutionize the global financial ecosystem,” he added.

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Wyre offers real-time payments, same-day transfers, direct bank transfers, and cross-border payments in fiat and crypto. The company was acquired by fintech firm Bolt for $1.5 billion in April 2022.

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The company, founded in 2013, felt the pressure like many others in the crypto bear market. It laid off 75 employees earlier this month according to reports.

In addition, concerns have been expressed about the insolvency reports circulated regarding a potential shutdown in early January. However, the company has denied them and today’s announcement suggests that its current situation has improved.

MetaMask Popular Crypto Wallet severed ties with Wyre on January 5, when it announced the removal of the platform from its mobile aggregator and browser extension.