Wyre Secures New Funding, Lifts Customer Withdrawal Limits By CoinEdition

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© Reuters Wyre Secures New Funding, Lifts Customer Withdrawal Limits

  • Wyre tweeted about lifting 90% withdrawal limit effective immediately.
  • The company had announced limiting the withdrawals a few days back.
  • Wyre laid off 75 employees at the beginning of the year.

In a recent tweet by Wyre, the crypto exchange announced lifting 90% of the withdrawal limit immediately after it had limited the withdrawals a few days back. The company, in its tweet, said, “As a regulated financial institution, 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 has secured financing from one of its strategic partners, after which it made the announcement. However, its name hasn’t been disclosed by the company.

The crypto exchange would use the “additional capital” to scale its business and “revolutionize the global financial ecosystem”.

On Jan.7, Wyre restricted the user’s withdrawal limit to 90%. “Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem,” said the company in its tweet.

Wyre also made changes in its management by appointing Ioannis Giannaros as executive chairman, formerly the CEO. And also, Stephen Cheng, the chief risk officer, and compliance officer, has been appointed as interim CEO.

The company has been facing the heat of a bear market for quite some time now. It laid off 75 employees at the beginning of the year, and there were rumors that the company was going to shut down, which it had denied.

Additionally, Metamask announced the removal of Wyre from its mobile aggregator. “Heads up – Wyre has been removed from our mobile aggregator. Please do not use Wyre. We’re currently working on Extension removal and appreciate your patience. Transak, MoonPay, and Sardine (US-only) are still available on Apple (NASDAQ:) Pay, Card, and Bank transfers”, said the crypto wallet.

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Written by Sandy Sullivan