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Wyre to Relax Withdrawal Limit After “Strategic Partner” Funding

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...
Wyre to Relax Withdrawal Limit After “Strategic Partner” Funding © Reuters Wyre to Relax Withdrawal Limit After “Strategic Partner” Funding
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  • 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 revealed, the new influx of funds from its undisclosed partner will serve as new capital for the firm to have a fresh start. The fintech platform affirmed the capital would help simplify and revolutionize the global financial system.

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.

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.

Earlier, the San Francisco-based fintech firm nearly got a financial bailout from a prominent e-commerce firm, Bolt. The deal, worth about $1.5 billion, could have protected Wyre against the negative effects of the crypto winter.

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.

You may also like:

Another One? Wyre Imposes Up to 90% Withdrawal Limit as Shutdown Rumors Intensify

Crypto Payment Firm Wyre May Shut Down its Services in January: Reports

See original on DailyCoin

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