Wyre Resumes 100% Withdrawals After Additional Financing

Wyre Resumes 100% Withdrawals After Additional Financing

By Mark Hunter

1 day agoFri Jan 13 2023 10:42:54

Reading Time: 2 minutes

  • Wyre imposed a 90% withdrawal limit over the weekend
  • The crypto payments platform announced the move in a no-reply tweet thread
  • The firm added that it is “exploring strategic options” to keep it solvent

Cryptocurrency payments platform Wyre has resumed 100% withdrawals following additional financing. The company imposed a 90% withdrawal limit on its customers over the weekend, which caused many to worry that it might be in financial difficulties. Wyre said at the time that it was “exploring strategic options” to become fully operational and it has now achieved this, allowing users to withdraw all their funds if they wish.

Customers Worried by Limit

Wyre worried users over the weekend when it announced that it was “limiting withdrawals to no more than 90% of the funds currently in each customer account”, preventing them from accessing 10% of their own money.

It didn’t explain what the problem was in detail, simply saying that it was “in the best interest of our community” that it limited withdrawals while it explored “strategic options” that would enable it to “navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem.”

Wyre Finds Backer

Fortunately for users, Wyre has found a backer to fill whatever hole existed in the platform’s finances, which has allowed it to resume full withdrawals. In a tweet thread posted late on Thursday, Wyre said its operations could now return to normal and was going to “lift the 90% withdrawal limit effective immediately”:

Hey Wyre community – we’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations.

— Wyre 🔊 (@sendwyre) January 12, 2023

Not everyone was leaping back on the Wyre bus however, with digital collectibles project VeVe saying it was going to assess the withdrawal capabilities before it would consider using it again, following earlier issues:

We will be assessing Wyre’s capability to resume all services and support before re-enabling Payout.

Thank you for your ongoing patience. We will provide an update as soon as possible. pic.twitter.com/tbL165KrLh

— VeVe | Digital Collectibles (@veve_official) January 13, 2023

Hopefully Wyre’s problems are over and its customers can start using it again with confidence.

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