Wyre, a cryptocurrency payment platform, has announced that it has secured additional funding from a “strategic partner,” allowing it to remove the 90% withdrawal cap that it imposed earlier this week.
The San Francisco-based fintech company had instituted the withdrawal threshold on January 8th, preventing consumers from completely draining their accounts.
The company did not provide any further details as to why the limit was put in place, only stating that it was in “the best interest of our community.”
The new funding will also allow Wyre to resume business as usual, including taking deposits once again.
The platform offers a variety of services such as instant payouts, same-day transfers, direct-to-bank transfers, and international payments in fiat and cryptocurrency. The company was purchased by financial technology firm Bolt for $1.5 billion in April 2022.
Despite the new funding, the company is still facing challenges in the current cryptocurrency bear market.
In early January, the company terminated the jobs of 75 workers, and there were speculations of possible closure, but the company has denied these claims.
Additionally, popular cryptocurrency wallet MetaMask announced on January 5th that it will no longer integrate Wyre into its mobile aggregator or browser extension.
