Wyre receives new funding and raises withdrawal limit
CriptoFácil – Cryptocurrency payment platform Wyre reported on its Twitter account last Thursday (12) that it had received new funding, which will allow the company to increase its clients’ withdrawal limits.
As reported by CriptoFácil, on January 7, the San Francisco-based company announced that it is adjusting its withdrawal policy. At the time, Wyre imposed withdrawal restrictions on its platform. According to the announcement, Wyre customers can only withdraw up to 90% of their funds.
But now, this limit has been extended due to the new source of funds. However, Wyre did not say how much of the new funding it had raised, nor who the new “strategic partner” was. The company also clarified what the new withdrawal limit is.
Instead, she just said, “This additional capital will help it continue its mission of simplifying and revolutionizing the global financial system.”
Hello Wyre Community – We are pleased to share that today we have received funding from a strategic partner that will allow us to continue our normal operations.
— Weary (@sendwyre) January 12, 2023
“We are pleased to share that today we have received funding from a strategic partner that will allow us to continue our normal operations,” Weir wrote on Twitter.
In the aftermath, the company added that it is proud of its ability to continue to provide its services in a “safe manner and without interruption of withdrawals.” “We will resume accepting deposits and raise the withdrawal threshold from 90%, effective immediately,” the company said, without giving further details.
Wire loses partners amid financial troubles
Founded in 2013, Wyre has faced many financial difficulties in recent months with the slowdown in the cryptocurrency market and the crisis in many companies in the sector. In September 2022, for example, Boltt reneged on its acquisition agreement with the company. Then, in December, Axios reported that Weary told employees it would cease operations in January 2022.
Michael Stipe, who worked as a technical engineer at Wyre, posted to his LinkedIn account on December 31, 2022 that “Wyre will not continue to be a profitable business.” This sparked rumors that the company was going out of business.
Earlier this year, digital asset bank Juno asked its clients to sell or self-hold their assets due to “suspicions” about Wyre. Moreover, Wyre has also terminated its partnership with crypto wallet provider MetaMask. On January 5th, MetaMask posted an update that it had removed the platform from its mobile pool and asked users to “please don’t use Wyre.”
However, despite the problems and the end of the partnerships, Wyre continues operations.