Wyre removes withdrawal limits

Crypto payment startup Wyre announced the termination of the limit on withdrawing no more than 90% of the deposit in the account, taking into account daily limits. The policy change was made possible by the attraction of funding from an unnamed “strategic partner”.

On January 7, the company restricted the withdrawal of funds. According to media reports, co-founder and CEO Ioannis Giannaros warned employees about a possible closure of the business.

The resulting investment will allow Wyre to continue operating, including re-accepting deposits.

β€œAs a regulated financial institution, we are proud to have been able to continue providing our services in a secure manner without suspending withdrawals,” the post reads.

In April 2022, fintech company Bolt Financial signed a $1.5 billion purchase agreement with Wyre. The parties pulled out of the deal in September.

Source: CryptoNewsHerald.com

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