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”.
As a regulated financial insitution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals. We will resume accepting deposits and lift the 90% withdrawal limit effective immediately.
— Wyre 🔊 (@sendwyre) January 12, 2023
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.
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.