Cryptocurrency payment platform Wyre on Friday lifted the 90% withdrawal limit it had placed on its users earlier this week, after securing additional funding from a “strategic partner.”
What Happened: The company stated it will resume accepting deposits and lift the 90% withdrawal limit effective immediately.
Though Wyre had not yet revealed the source of the funding, the company said the additional funds will help it continue operations and “revolutionize the global financial ecosystem.”
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
Cryptocurrency wallet provider MetaMask on Jan. 5 stated that it had removed Wyre from its mobile aggregator, which allowed users to buy cryptocurrency directly through the digital wallet, following reports of the latter shutting shop.
The wallet provider added it is working on the removal of the extension and asked users to stop using Wyre on the mobile aggregator.
Why It Matters: On Jan. 8, Wyre restricted its customer's withdrawals, preventing them from draining their accounts entirely.
This move came shortly after previous employees of the company hinted at the possibility of its closure.
The company cited the decision to implement withdrawal limits was in the best interest of the community but did not give any further explanation.
Photo: media-ja via Shutterstock